Q3 2012 - Teknosa

Teknosa İç ve Dış Ticaret A.Ş.
01.01.2012 – 30.09.2012
Interim Report
Corporate Details
Trading Title
: Teknosa İç ve Dış Ticaret A.Ş.
Registered Office
: Teknosa Plaza Batman Sokak No:18 Sahrayıcedit
34734 İstanbul
Trade Registry
: İstanbul
Trade Registry ID No
: 434426
Date of Trade Registry
: 3.3.2000
Governing Law
: Turkish law
Contact Numbers
: Tel: 0216 468 36 36 Fax: 0216 478 53 47
Website
: www.teknosa.com
Capital
: 110.000.000 TL
Traded on
: İstanbul Stock Exchange
Quoted on the Stock Exchange
: 17 May 2012
Ticker Symbol
: TKNSA
Corporate History
Teknosa İç ve Dış Ticaret A.Ş. was established in 2000 as wholly owned subsidiary of Hacı Ömer Sabancı
Holding A.Ş. It is a technology and electronic retail chain offering technology and electronic products to
consumers.
Teknosa has classified its operations under two categories as retailing and dealership network. Teknosa
sells consumer electronics, information technology, telecom products and white goods through its retail
stores; and air conditioners, white goods and cash registers through its dealership network. Air
conditioners are sold under İklimsa brand through its dealers.
In addition to retail and dealership operations, Kliksa, a wholly owned subsidiary of Teknosa, engages in the
trading of electronic products on the internet. Kliksa commenced its operations in 2012.
As of 30 September 2012, the Company is operating in Turkey through its 280 stores with a total net sales
area of 136,499 sqm.
The Company has 3,520 employees as of 30 September 2012.
Vision, Mission and Values
Vision
Our Vision is to be a world-class retailing company that helps consumers and businesses achieve their goals
by the help of our “innovative” and “exclusive products and services”.
Mission
Our mission is to help our guests by delivering outstanding value, continuous innovation and an exceptional
guest experience.
Values
Teknosa is a young and dynamic company that acts with integrity, focus on customers satisfaction and have
a passion to learn.
Overall Economy
GDP growth was 8,5% in 2011 in fixed prices. The Consumer Trust Index which was 92,0 as of the end of
2011 decreased 3,2% in September 2012 and reached 88,8.
Current account deficit increased to USD 36.1 billion in the first eight months. With the latest data in
September, the 12-month current account deficit decreased from USD 76.9 billion to USD 59.0 billion. In
the first eight months, contrary to USD 36.1 billion current account deficit, net FX inflow into the economy
has been USD 49.2 billion. In January-August period, the Central Bank reserve has a USD 15.7 billion
increase with incoming USD 6.9 billion in August. In this period, the Turkish Government has made USD 1.6
billion credit payment to IMF.
In 2011, GDP was USD 772.2 billion, current account deficit was USD 76.9 billion, current account deficit to
GDP ratio was 9.9%. According to GDP of the first six months of 2012, current account to GDP ratio has
declined to 8.2%.
In January-September period, total export has reached to USD 111.4 billion with an increase of 12.1%
compared to year-ago results. With the evaluation of 12-month period, total export has reached to USD
146.9 billion with an increase of 11.6% compared to 12-month of the previous period.
Consumer Prices Index increased 10,45 % at the end of 2011 compared to the same month of the previous
year. In September 2012, the increase in the Consumer Prices Index was 9,19% compared to the same
month of the previous year.
According to Retail Index results announced by the Association of Shopping Malls and Retailers, the annual
turnover increase in organized retail industry was 6% in August 2012. Annual turnover increase was 2% in
food retail and 12% in non-food retail industry.
The Market
According to GfK Electronics Panel Report, consumer electronics sector (excluding MDA&SDA) size reached
9.4 billion TL in January-August 2012 period. The year to year growth of the sector was 20% compared to
the same period of the previous year.
Teknosa’s growth was 34% compared to the first 8 month of 2011.
The Market share of Technical Superstores (TSS), including Teknosa, Bimeks, Darty, Electroworld, Gold
Bilgisayar, Media Markt-Satürn, Vatan was %32 in January- August period 2012. Vatan Computer has been
included into GfK Electronics Panel Reports since June, 2012. Teknosa represents the 44% of this channel.
In addition, the market share of Teknosa was 14% as of August 2012.
2011-2012 Jan-Aug Electronics Retail
Market size (Million TL)
7,853
2011-2012 Jan-Aug TeknoSA Market Share
by Product Categories (%)
9,389
2,161
15%
2,011
17%
7%
4,370
6%
3,615
2,858
2,227
2011 Jan-Aug
IT
2012 Jan-Aug
Telekom
CE+Photo
The market size of the consumer electronics was
approximately 7.9 billion TL in January-August 2011,
and it has reached to 9.4 billion with an increase of
20% compared to year-ago results. CE+Photo
category has been grown beyond IT and Telecom.
The growth of 8-month period was 28% in
CE+Photo while the growth of Telecom was 21%. IT
category grew 8% in 2012, compared to period of
January-August 2011.
24%
19%
2011 Jan-Aug
IT
2012 Jan-Aug
Telekom
CE+Photo
The CE+Photo category share of Teknosa has
reached to 24% in January-August 2012, with an
increase of 19% compared to same period of 2011.
The following table presents the consumer electronics channels and sales points in Turkey, is defined by
GfK Electronic Panel Research. The Consumer Electronics Market consists of five main channels: Telecom
Specialists, Consumer Electronics Specialists, Computer Shops, Mass Merchants, Technical Superstores
(TSS). The total of sales point is approximately 49.000 as of 2012.
Compared to the first 8 months of 2011, TSS channel grew 33%, and increased its market share from
29% to 32%. Mass and Consumer Electronics Specialist have increased their share, however Telecom
channel has decreased its share from 38% to 34% in 2012 in spite of its 6% growth. The market share of
Computer Shops has also decreased one point and is 6% as of 2012 .
Consumer Electronic Channels
Telecom: Telecom Specialists (Independents,
Exclusive Shops)
El. Trad. Ind/BG: Consumer Electronics Specialists
CSS: Computer Shops-System Houses
Mass Merchants (Hypermarket, Cash&Carry, DIY,
Department Stores, Pure Players)
TSS/EL.CHAINS: Technical Superstores
Jan-Aug 2011
38%
Jan-Aug 2012
34%
Growth
6%
13%
7%
12%
14%
6%
15%
23%
-7%
42%
29%
32%
33%
Corporate Data
Capital Structure
Shareholder
Amount (TL)
Interest
Sabancı Holding
66.310.510
60,28%
Sabancı Family
32.689.490
29,72%
Publicly Traded
11.000.000
10,00%
110,000,000
100.00%
TOTAL
Board of Directors
Full Name
Position
Representing
Haluk Dinçer
Chairman
H.Ö. Sabancı Holding A.Ş.
Temel Cüneyt Evirgen
Deputy Chairman
H.Ö. Sabancı Holding A.Ş.
Muhterem Kaan Terzioğlu
Independent Member
Independent
Oğuz Nuri Babüroğlu
Independent Member
Independent
Neriman Ülsever
Member
H.Ö. Sabancı Holding A.Ş.
Barış Oran
Member
H.Ö. Sabancı Holding A.Ş.
Full Name
Position
Nature of his Board of Directors
Membership
Muhterem Kaan Terzioğlu
Chairman of the Audit Committee
Independent Member
Oğuz Nuri Babüroğlu
Member of the Audit Committee
Independent Member
Audit Committee
Corporate Governance Committee
Nature of his Board of Directors
Membership
Name Surname
Position
Oğuz Nuri Babüroğlu
Chairman of the Corporate Governance Independent Member
Committee
Muhterem Kaan Terzioğlu
Member of the Corporate Governance
Committee
Independent Member
Neriman Ülsever
Member of the Corporate Governance
Committee
Member
Financials
Consolidated Balance Sheets as of 30 September 2012 and 31 December 2011
30 September 2012
31 December 2011
ASSETS
Current assets:
Cash and cash equivalents
Trade receivables
- Due from related parties
- Other trade receivables
Other receivables
Inventories
Other current assets
95.892
186.596
3.224
33.914
424.812
44.035
3.302
25.338
547
260.925
21.654
Total current assets
601.877
498.362
11.171
90.773
7.679
3.078
4.967
11.241
78.681
6.128
4.394
5.585
Total non-current assets
117.668
106.029
Total assets
LIABILITIES
Current liabilities:
Trade payables
- Due to related parties
- Other trade payables
Other payables
Income tax payables
Other current liabilities
719.545
604.391
1.009
489.123
7.790
4.096
37.177
2.143
426.772
7.178
21.578
Total current liabilities
539.195
457.671
Non-current liabilities:
Provisions for employment termination benefits
Other non-current liabilities
1.116
14
907
19
Total non-current liabilities
1.130
926
Total liabilities
540.325
458.597
Equity:
Share capital
Adjustment to share capital
Restricted reserves
Other reserves
Retained earnings/(Accumulated losses)
Net profit for the period
110.000
6.628
8.630
3
20.533
33.426
110.000
6.628
8.630
3
(29.692)
50.225
Total equity
179.220
145.794
Total liabilities and equity
719.545
604.391
Non-current assets:
Investment property
Property, plant and equipment
Intangible assets
Deferred income tax assets
Other non-current assets
Consolidated Statements of Comprehensive Income For the Nine and Three-Month Ended Periods 30
September 2012 and 2011
1 January 1 January 1 July 1 July 30 September 2012 30 September 2011 30 September 2012 30 September 2011
Continuing operations
Sales (net)
Cost of sales (-)
1.576.645
(1.261.614)
1.174.284
(914.391)
585.610
(474.345)
403.977
(312.295)
315.031
259.893
111.265
91.682
(243.819)
(22.183)
20.347
(2.871)
(196.458)
(22.981)
33.356
(4.113)
(83.540)
(7.743)
4.958
(751)
(68.159)
(10.319)
24.899
(1.925)
66.505
69.697
24.189
36.178
33.722
(57.765)
26.197
(43.610)
12.098
(19.716)
6.867
(13.278)
Profit before taxation on income
42.462
52.284
16.571
29.767
Taxation on income
Current tax expense
Deferred tax expense
(7.720)
(1.316)
(7.893)
(4.097)
554
(3.591)
Net profit for the period
33.426
44.391*
13.028
26.176 *
Other comprehensive income/loss (after tax)
-
-
-
-
Total comprehensive income for the period
33.426
44.391*
13.028
26.176 *
0,304
0,404
0,118
0,238
Gross profit
Marketing, sales and distribution expenses (-)
General administrative expenses (-)
Other operating income
Other operating expenses (-)
Operating profit
Financial income
Financial expenses (-)
Earnings per 1.000 shares (TL)
* 2011 third quarter results consist of 17,709 k TL profit which was generated from the acquisition of Best Buy’s
Company which was operating in Turkey. With the adjustment of the forementioned profit, net profit for the period
1 January – 30 September 2011 is 26,682 k TL, net profit for the period 1 July – 30 September 2011 is 8,467 k TL.
Financial Ratios
Profit before taxation on income / Net Sales
Net profit for the period / Total equity
30 September 2012
% 2,7
%18,7
30 September 2011
%4,5 * (Adjusted %2,9)
%30,4 * (Adjusted %18,3)
* 2011 third quarter results consist of 17,709 k TL profit which was generated from the acquisition of Best Buy’s
Company which was operating in Turkey. Adjusted values are shown in parantehesis.
Current Ratio (Current assets / Current liabilities)
Liquidity Ratio (Current assets – Inventories / Current liabilities)
Total liabilities / Total equity
Total liabilities / Total assets
30 September 2012
1,12
0,33
3,01
0,75
List of People with Access to Internal Data
Full Name
Position
Haluk Dinçer
Chairman of the Board of Directors
Temel Cüneyt Evirgen
Deputy Chairman of the Board of Directors
Muhterem Kaan Terzioğlu
Independent Member of the Board of Directors
Oğuz Nuri Babüroğlu
Independent Member of the Board of Directors
Neriman Ülsever
Member of the Board of Directors
Barış Oran
Member of the Board of Directors
Mehmet Tevfik Nane
General Manager, CEO
Bülent Gürcan
Assistant General Manager - Operation
Nevgül Bilsel Safkan
Assistant General Manager - Finance
Asena Yalınız
Asistant General Manager - Human Resources
Önder Kaplancık
Asistant General Manager - IT
Kemal Yaman
Asistant General Manager - Dealer Group
Namık Demirkan
Head of Audit
Nedim Erdal
Head of Category
Mehmet Necil Oyman
Head of Sales
Zeynel Korhan Bilek
Director
Cengiz Bandak
Head of Investment
Gamze Hacaloğlu
Financial Controller
H.Devrim Şentürk Kaya
Legal Counselor
Mehmet Uysaler
Accounting Manager
Emel Sayınataç
Finance Manager
Songül Çavuşoğlu
Management and Organisation Manager
Ebru Anıldı
Compensations and Labour Relations Manager
31 December 2011
1,09
0,52
3,15
0,76
Organisation
The Company’s organisation scheme is as follows;
Numbers of Personnel are as follows ;
30 September 2011
Administrative Personnel
Store Personnel
TOTAL
31 December 2011
515
2.608
3.123
520
2.762
3.282
Teknosa Investor Relations
e-mail: [email protected]
Tel: +90 (216) 468 36 36
444 55 99
30 September 2012
549
2.971
3.520