public offering analyst presentation

PUBLIC OFFERING ANALYST
PRESENTATION
Disclaimer
This presentation contains information and analysis on financial statements as well as forward-looking statements that
reflect the Company 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 these statements are reasonable, they may be
affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ
materially.
Neither Despec Computer or Oyak Yatırım nor any of its managers or employees nor any other person shall have any
liability whatsoever for any loss arising from the use of this presentation.
This presentation was prepared by Oyak Yatırım to introduce the company (with the reason of planned public offering)
to Security companies who signed non-disclosure agreement. The details of this presentation are confidential and can
not be distributed, explained, copied or can not be used except evaluating this investment project.
The informationin in this presentation have not been audited by Oyak Yatırım. Oyak Yatırım does not undertake any
responsibility regarding the correct of information and details for this presentation.
This presentation is not a public offering document. The information that are real and results in responsibility to public
can be found in Public offer circular and public offering prospectus which will be approved by Capital Markets Board
of Turkish Republic. Investors should dissect the details of public offering prospectus to make decisions.
2
Contents
• Overview of Turkish Economy
• IT Sector
• Index Group
• Consumables Sector
• Despec – Overview
• Despec – Financial Data
• Public Offering Summary
3
• Overview of Turkish Economy
• IT Sector
• Index Group
• Consumables Sector
• Despec – Overview
• Despec – Financial Data
• Public Offering Summary
4
Overview of Turkish Economy
Population of Turkey
Age Distribution
100%
Population
(mio)
(milyon)
Nüfus
80
75
%1,2
73
73
74
75
75
76
5%
5%
5%
5%
5%
14%
15%
15%
16%
16%
17%
39%
39%
39%
40%
40%
40%
42%
41%
41%
2010F
2011F
80%
%1,0
60%
%0,8
70
5%
%0,6
40%
%0,4
65
20%
%0,2
60
%0,0
2009G
2009G
2010F
2010T
2011F
2011T
Population
Nüfus
2012F
2012T
2013F
2013T
39%
39%
0%
2014F
2014T
2009G
2009G
Population
(yearly
Nüfus
(yıllık değişim
%)changes)
2010T
2011T
Population
(%)
70> yaş
arası nüfus
(%)
25-49 yaş
arası nüfus
Population
(%)(%)
Source: EIU
40%
2012F
2012T
2013F
2013T
2014F
2014T
Population
(%)(%)
50-69 yaş
arası nüfus
0-24 yaş
arası nüfus
Population
(%)(%)
Source: EIU
• The population that has a high growth trend consist of age group of under 30 which meets more than
50% of young population.
• 73 million population in 2009 is expected to be 76 million in 2014.
5
Overview of Turkish Economy
Turkey GDP & GDP Growth
%12
BYBO:%6,2
1.201
%10
1.200
7%
1.100
1.050
1.000
943
913
%4
881
888
900
%6
992
825
%2
800
%0
700
5%
%4,2
4%
3%
-%2
2%
-%4
1%
500
%3,4
%2,9 %3,2
%2,6 %2,5
%1,8
%1,1
600
%0,4
%0,8
%0,6
-%6
06P
06G
07P
07G
08P
08G
09P
09G
10F
10T
GDP (USD
GSYİH
(milyarBio)
ABD Doları)
Source: EIU
%6,0
6%
Büyüme (%)
%8
Growth (%)
1.123
GDP Growth
GSYİH
Büyümesi
(USD ABD
GDP(milyar
Bio)Doları )
GSYİH
1.300
2010&2011 E GDP Growth per Person
11F
11T
12F
12T 13F
13T
14F
14T
Turkey
Türkiye
EU-15
AB-15
OECD
OECD
2010T
2010E
GDP Growth
GSYİH
Büyümesi
ODKA
ODKA
Poland
Bulgaria
Polonya Bulgaristan
2011T
2011E
Source: EIU
• GDP İS 881 Billion USD in 2009, Turkey. According to EIU estimations, GDP is assumed to grow
with % 6,2 of CAGR and reach 1.201 Billion USD in 2014.
• Limited negative effect of crisis due to stronger financial sheets of private and public sector
corporations when compared to other improving countries.
6
Overview of Turkish Economy
US Dollar / TRL Currency Rates
1,8
25%
1,6
1,55 1,53
1,43
1,4
1,30
1,57
1,57 1,57
1,56
20%
%20
1,30
15%
%18
1,2
10%
1,0
5%
0,8
0%
0,6
-5%
0,4
%16
USD
/ TRL
ABD
Doları
/ TL
Değer
ValueKaybı
Loss//(Kazancı)
(Gain)
/ TRL
USD
ABD Doları/TL
Inflation & Interest Rates
%14
%12
%10
%8
%6
%4
-10%
0,2
%2
%0
11F 12F 13F
2006
2014T
2013T
2012T
2011T
08P 09P 10F
USD
/ TRL
ABD
Doları
/ TL
Source: EIU
2010T
2009G
07P
2008G
06P
2007G
2006G
-15%
14F
2007
2008
2009
Inflation
Enflasyon
Loss //(Kazanç)
(Gain)
Kayıp
2010
2011
2012
2013
2014
Interest
Rates
Faiz
Oranları
Source: EIU
• Turkish lira reflected positively to recovery of global risk perception. Turkish Lira started revaluing
although it lost % 30 value against USD and EURO.
• Inflation drawn back with serious amounts and it decreased % 6,5 in 2009 from % 40-50 in the
middle of 1990s. The main reasons for these improvements are, implementation of monetary &
financial policy decision and macroeconomic program supported by IMF. Although, the inflation is
% 9,2 in June 2010, it is expected to turn to double digit numbers with the effect of strong base at the
end of year.
7
• Overview of Turkish Economy
• IT Sector
• Index Group
• Consumables Sector
• Despec – Overview
• Despec – Financial Data
• Public Offering Summary
8
Developments in Information Technology (“IT”) Market
• The entrance of personal computers to Turkey was in the end of 1980s. Between 1990-1995, it had
very fast improvement. However, computer usage stayed as limited with finance sector, public
institutions and universities.
• The increase of computer usage in the second half of 1990s provided the IT Sector as one of the
fastest growing sector between others.
• According to International Data Corporation (“IDC”), despite of the negative effects of global crisis,
Turkish IT Market had % 21,6 CAGR between 2001-2009.
Turkish IT Sector Business Volume (USD, Mio)
2009-2012 Estimated
CAGR %15,2
8.718
7.417
6.640
5.700
5.196
5.314
2007
2008
4.090
3.417
2.411
2.314
1.189
2000
2001
1.434
2002
1.771
2003
2004
2005
2006
Source: IDC 2010
9
2009
2010F
2010T
2011F
2011T
2012F
2012T
Dynamics of IT Market
• Market share of end user displayed serious changes in IT Sector, the share of Public institutions
decreased to % 18 in 2009 from % 38 in 1995 and the share of individual users increased from % 7
to % 38.
IT Market End User Market Shares
Public Institutions
Devlet/Kamu
Kurumları
100%
80%
7%
5%
Finance
Sector
Finans
Sektörü
10%
7%
20%
Private
Sector
(corporate)
Özel
Sektör
(Kurumsal)
SMEs
KOBİ
Individual
Users
Bireysel
Kullanıcılar
18%
35%
10%
38%
23%
60%
25%
12%
30%
18%
35%
40%
14%
16%
25%
20%
15%
14%
38%
25%
22%
20%
18%
2000
2005
2008
2009
0%
1995
Source: IDC 2010
10
PC & Internet Penetration
• According to report of ITU (International Telecommunication Union) with 2007 data, computer
ownership for house hold are % 70 in USA, %75 in the UK, % 79 in Germany, % 40 in Greece,
%53 in Italy, % 21 in Brasil and around % 30 in Turkey.
• Internet usages are % 62 in USA, % 67 in the UK, % 71 in Germany, % 25 in Greece, % 43 in Italy,
% 15 in Brasil and around % 40 in Turkey.
• Turkey has serious growth potential in terms of computer ownership as well as internet.
PC Penetration in Turkey
Internet Penetration in Turkey
31,1%
43,0%
35,5%
20,2%
21,3%
8,0%
4,8%
7,0%
1,9%
1995
Source: Index Group
1,2%
2000
2005
2009
1995
2010
Source: Index Group
11
2000
2005
2009
2010
IT Market Expenditure & Personel Computer Market
IT Sector Expenditure, 2006-2012 (US Dollar, mio)
Donanım
Hard.
Yazılım
Soft.
• Turkish IT Market consist of 3 main groups as
hardware, software and service.
Servis
Service
6.000
5.000
• While the business volume was 5,3 billion USD,
it reached 5,7 billion USD in 2009.
4.000
3.000
• Turkish IT Market has hardware dominant
structure with the accordance of revenue.
2.000
1.000
0
2006
2007
2008
2009
2010T
2010F
2011T
2011F
2012T
2012F
Desktop & Mobile PC Market Shares
2011T
28%
72%
2010T
32%
68%
2009
32%
68%
2008
Desktop PC Sales Distribution, 2009
45%
HP; 19,2%
Other
Diğer;
36,2%
55%
Acer; 14,3%
2005
2000
53%
47%
84%
1995
16%
91%
9%
Casper; 8,0%
Asus; 9,2%
Desktop Market
Masaüstü
PazarShare
Payı
Source: IDC 2010
Mobile PC Market
Share
Taşınabilir
PC Pazar
Payı
Source: IDC 2010
12
Toshiba;
13,1%
World IT Market
• According to the report published by IDC, World IT Market Business volume is seen as 1,4 trillion
USD.
• In IT Market, although Turkey is bigger than Greece, Israel and Czech Republic, it is smaller than
Spain and Brazil with the rate of 1/5.
World IT Market 2009 (US Dollar, mio)
Hardware
Donanım
Donanım
Hardware
39%
55%
28%
56%
57%
15%
60%
43%
15%
16%
31%
29%
27%
18%
13%
74%
49%
27%
9%
36%
39%
20%
66%
40%
45%
40%
34%
16%
14%
21%
14%
31%
12%
78%
20%
37%
11%
Servis
Service
17%
22%
Çek Cumhuriyeti
Republic
30%
İsrail
Israel
29%
Yazılım
Software
14%
16%
67%
55%
49%
KoreaKore
Software
Yazılım
Poland
Polonya
Servis
Service
Turkey & Other Countries IT Market
51%
Source: IDC 2010
Total
Toplam
World
Dünya
Source: IDC 2010
13
Brasil
Brezilya
Diğer
Other
Rusya
Russia
Latin
Latin
Doğu
Orta
East
Middle
America Avrupa
Europa Doğu
Amerika
East &
Africa
Afrika
Czech
Asya
Asia
Yunanistan
Greece
Kuzey
Batı
West
North
Europa
Amerika
America Avrupa
Turkey
Türkiye
14%
• Overview of Turkish Economy
• IT Sector
• Index Group
• Consumables
• Despec – Overview
• Despec – Financial Data
• Public Offering Summary
14
Overview of Index Group
• İndeks Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret A.Ş. (Index Bilgisayar) was established
in 1989 to provide all needed products to Dealers in Turkey under the identity of well organized
computer distributor.
• Index became IT Sector Leader Group since 2001 by having 306 employees and more than 7,500
business partners.
• Index Group companies are distributing more than 200 world brands
• Index Group has 6 big companies which operates in technology field.
İndeks
Bilgisayar
Desktop PCs
Datagate
Bilgisayar
Despec
Micro Processor
Printers
Peripherals
OEM Products
Software
Med-Size Systems
Laser tonner
Main Boards
Graphic Card
Monitors
Neteks
Teklos
Corporate Network
Hard Disks
Laptops
Servers
Neotech
Ink-jet
Systems
Consumer Elect.
Communication
PC Accessories
Server Products
Memory Products
Magnetic Data
Products
Appliances
Alternative . Elect.
Products
Papers
Desktop Computers
Net. Tools
Struct. Cable. Prod.
Logistic &
Cor. Stations Syst.
Transportation
Netw. Secur. Solut.
Broad B. ve SMEs
Commun. Solutions
Security Products
* Despec ve Homend are group companies and have no capital relations.
15
Milestones of Index Group
Datagate_Halka Arz
$563 Mio
$431 Mio
Index _Halka Arz
$163 Mio
$111 Mio
IBM POS
$59 Mio
$4 Mio
16
$787Mio
$630 Mio
• Overview of Turkish Economy
• IT Sector
• Index Group
• Consumables Sector
• Despec – Overview
• Despec – Financial Data
• Public Offering Summary
17
Overview of Consumables Market in Turkey
• As consumables market is a sub segment of IT Market Hardware, it is growing with the new
investments in IT and usage of present computer and printer capacity.
• Consumables Market is limitedly affected by financial crisis when compared to IT Market Total
business Volume as the continues needs and wants are carrying on consumables market.
Consumables Market 2009 (USD, mio)
Laser
Toner
& Cartridge
Mürekkep Kartuş
Laser toner
& Ink
PC
PCAksesuarları
Accessories
Diğer
Other
18,7
19,9
19,6
24,4
183,5
24,7
22,2
196,3
19,6
166,8
138,1
151,6
222,8
210,3
232,1
2008
2009
2010
2010FT
124,7
21,9
95,8
79,2
138,9
159,0
2005
2006
191,7
2007
Source: Index Group
18
257,0
277,5
2011
2011FT
2012
2012FT
Printer Consumables Market in Turkey (1/2)
• Laser printer toner, Ink Cartridge, Printer ribbon called printer consumables have approximately 5762 % market share in IT consumables Market as dominant.
• Printer Consumables Market can be classified under three product groups as Original Products,
Substitute Products and Re-fill Products.
• The rate between printer sales and branded toner & cartridge sales is 1/2 in European Countries and
1/1,2 in Turkey. It was observed that the consumers tended to buy original products after crisis
terms with economic recovery.
Original Products
Orijinal
Ürünler
11%
4%
10%
4%
Subtitute
Products
Muadil
Ürünler
Re-Fillürünler
Products
Re-fill
9%
8%
8%
8%
4%
6%
7%
8%
6%
6%
8%
8%
85%
86%
87%
87%
86%
85%
86%
86%
2005
2006
2007
2008
2009
2010
T
2010F
2011 T
2011F
2012 T
2012F
Source: IDC 2010 & Index
19
Printer Consumables Market in Turkey (2/2)
• In Turkey, computer ownership rate became more than % 20 with the latest development in retail
channel and increase of individual consumption. In parallel to this, printer market had fast growth
furthermore, it resulted in increase on consumption of toner and cartridge numbers.
• While the major player was individual consumers in 2009 in total IT Market, is it estimated that
SMEs will be important players with decrease of financial crisis‟s effect in the next 5 years.
Laser Printer Toner and Inkjet Printer Cartridges Original Market in Turkey (Revenue, USD, mio)
HP
Samsung
Ca non
Oki
Lexmark
Epson
Xerox
Diğer
Others
2010
2009
2008
2007
2006
2005
-
20,0
40,0
60,0
80,0
100,0
Source: Index Group
20
120,0
140,0
160,0
180,0
200,0
PC Accessories Market in Turkey
• PC accessories has the second biggest share as approx. % 35 -40 in IT Consumables Market.
• Microsoft, A4 Tech, Logitech, Trust, Targus, Belkin, Case Logic, Apple and Genius PC Accessories
are the important players of the market.
• PC accessories has important role in Despec Bilgisayar Pazarlama ve Ticaret A.Ş. (“Despec” or
“Company”) „s growth plans with the reason of dynamic market structure and important potantial
held by the market.
PC accessories (USD, mio)
200
160
120
80
40
0
2005
2006
2007
2008
2009 2010F
2010 T 2011F
2011 T 2012F
2012 T
Source: Index Group
21
Factors Affecting Consumables Sector
Macroeconomic
Performance
Changing Economic
Structure
Growing Trade with
EU Countries
• Developments in IT Market were affected negatively after the
economic crisis in 2001 and 2008. Economy of Turkey
started to recovery after crisis. Economic stability affected
the investments on IT positively.
• Increasing activities in service sector encourages IT
investments particularly retail, logistic, financial services,
professional services and individual services field.
• Increasing trade activity with EU and direct foreign
investments to Turkey push the IT investments in local
industries and competition. Besides, change of quality
standards are increasing in data management and analyze
systems.
22
• Overview of Turkish Economy
• IT Sector
• Index Group
• Consumables Sector
• Despec – Overview
• Despec – Financial Data
• Public Offering Summary
23
Despec Capital Structure
Before public offering
Diğer;
Other
After public offering
0,1%
Public açık;
Offer
Halka
39,35%
Despec Group
B.V.; 50,0%
Desbil Tek.
Ürün. Tic.
A.Ş.; 30,24%
Desbil Tek.
Ürün. Tic.
A.Ş.; 49,9%
Diğer;
Other
24
0,08%
Despec Group
B.V.; 30,33%
History of Despec
• Public Offer
• Despite of economic crisis, %5.7 in 2008, %18,2 in 2009 revenue growth on TRL
based
• Despec Group B.V. & DIFC Merger
• Lexmark Distribution Contract
• Larger market share in accessories market with Distribution Agreement of Trust
• Distribution gained for Canon ve Targus products
• Distribution Agreement of OKİ gained beyond HP products.
• Despec became leader in its field
• Name of the company changed to Despec Bilgisayar Pazarlama ve Ticaret A.Ş.
• Despec Group B.V. acquired %50 of the company.
• Despec was established
25
Organization Chart
Directors’ Board
Executive Committee
General Manager
Marketing Mngr.
Product Mngt.
Mali İşler Müd.
Services
Imprt.&Exprt Mngr.
Sales Manager
Accountancy
Logistic
Head office Sales
Finance
Customer Serv.
Ankara Branch
IT
İzmir Branch
26
Profile of Employees
• Education & Experiences of Despec‟s 25 employees are as follows:
Y
0-5 yıl;
10
Y>
10 yıl>;
10
Master
Yüksek
0-5 yılyear
experienced
tecrübeli; 3
lisans; 2
year
6-10
6-10year
yıl
experienced;
tecrübeli; 9 9
University
Üniversite;
13
20 Year & more
High
Lise;
School
10
20 yıl ve üstü
5
experienced
tecrübeli;
experience
11-20 yılyear
experienced
experience
tecrübeli; 8
27
5-10
Y 5
yıl;
Supply & Sales Chains
Producers
Chain Retail
Channel
Stationary
Channel
Traditional
Dealers
END USER
28
Corporate
Dealers
Sub Dealers
Channel
The Products Despec Distributes
•
Despec has very large product range in consumables: laser toner, Ink cartridge, accessories, Printer
ribbon, magnetic media, Paper vb.
29
Main Suppliers
• Despec get the majority of products its sales from world brands such as HP, Canon, OKİ, Lexmark
etc…
Supplier based distribution (2009 sales)
Canon
11%
OKİ
5%
HP
68%
Lexmark
4%
Epson
3%
Targus
Trust
2%
2%
Other
Diğer
5%
30
Yearly Sales
• Despec recorded % 17,1 Compound Annual Growth Rate (CAGR) from 2001 to 2009 by gaining
very important and huge growth.
Net sales (USD, mio)
86
85
81
CAGR %17,1
62
53
47
44
42
30
24
2001
2002
2003
2004
2005
2006
31
2007
2008
2009
2010/1H
Product based sales distribution of Despec
• The majority of Despec‟s 2009 sales consist of laser toner and Ink cartridge with % 86.
• Quantity and amount based chart of Despec for 2009 are as follows:
Tutar
(ABD
doları,
Amount
(USD,
mio) milyon)
LaserToner
Toner
Laser
50,2
22,5
MagneticMedia
Data
Magnetic
4,7
Accessories
Aksesuar
4,6
Kağıt
Paper
Laser Toner
Toner
Laser
531.830
Mürekkep
Ink
Cartridge
Ink Cartridge
Mürekkep
Kartuş
Printer
Ribbon
Yazıcı
Şeridi
Adet
Quantity
1.128.630
Kartuş
Magnetic
Data
Ma gnetic
Media
221.984
Accessories
2,0
0,7
Aksesuar
329.468
Printer Ribbon
Ya
zıcı Şeridi
Paper
Kağıt
32
205.780
69.190
Despec Turkey
• Despec has head office in Istanbul, branches in Ankara and İzmir.
• Besides, it has large network all over Turkey with mobile channel team.
Regional Based Sales (2009)
Central
İç
Anatolian
Marmara;
61,0%
Anadolu;
28,0%
Agean
7,0%
Ege;
7,0%
Other
Diğer;
4,0%
33
Customer Segment Based Distribution of Sales
• Despec which has 2.750 numbers of customers has balanced customers segments.
• Some of Despec‟s customers are stated as follows,
Customer Based Distribution of Sales, 2009
Traditional
Dealers
Geleneksel
Zincir
Chain
Retail
Cahannel;
Pera
kendeciler
11,0%
Ka na
lı; 11,0%
Ka na lla r; 20,0%
Traditional
Channels
Tekin Ozalit
Şahin Ozalit
Avcılar ofis
Taksim Büro
Chain Retails
Channel
Media Markt
Vatan
Bimeks
BestBuy
Teknolojiks
Tesco Kipa
Hepsiburada
Corporate
Dealers
Nasa Bilgisayar
Elips Bilgisayar
Intermat
4S Bilgisayar
Planet
Servus
Sistemar
Stationary
Channel
Kadıoğlu Kırtasiye
Şenses Kırtasiye
Sub
Didtributors
Gürel Bilgisayar
Seres Bilgisayar
Sub
Distributor
Alt
Dağıtıcı;
17,0%
Stationary
Channel
Kırta siye Ka na lı;
18,0%
Kurumsal
Corporate
Dealers;34,0%
Bayiler;
34,0 %
34
It is the leader since 1998…
Interpromedya first 500 IT Companies 2009 range: Consumables League:
Sıra
Şirket
Company
TRL,TL,
000 bin
2009 Sales
2009
Satışlar
1
Despec Türkiye
131.771
2
3
4
5
6
7
8
9
10
11
12
13
14
Ekip Elektronik
Xerox
Teknosa
Pera Bilgi İşlem (Lexmark)
Oki
Hobim Bilgi İşlem
Epson
Bilgitaş Büro Makinaları
Elips Elektronik
Aksel
Eraltek
Metro Elektronik
Bilgitaş Teknik Servis
Diğer
Total
Toplam
81.373
40.215
22.147
20.248
13.809
11.271
9.344
8.994
8.965
7.635
6.739
5.008
3.711
33.733
404.963
Source: Interpromedya
35
Despec market Share
22,6%
22,3%
22,1%
2008
Source: Company
2009
1Y-2010
Kısaca Despec
•
Leader Consumables
Distributor of Turkey
•
•
Large Product Range
•
•
Despec Group B.V. &
Index Group
Despec who is the leader of consumables field has large
product range consisting of world famous brands.
It gains majority of its sales from HP, Canon, OKI, Lexmark,
Epson, Targus, Imation, Sony, Xerox, Panasonic, IBM and
Trust branded products.
Despec distributes toner, Ink cartridge, printer ribbon,
storage products, paper products, accessories etc… IT
consumables with well organized distributor identity.
Despec conducts sales and distribution of its products with
sales teams in Istanbul (Head Office), Ankara and İzmir.
The main shareholders of Despec are Despec Group B.V. ,head
office located in Holland and Desbil Teknolojik Ürünler A.Ş.
that owned by Bilecik Family. Bilecik family is the shareholder
and founder of İndeks Bilgisayar Sistemleri Mühendislik San.
ve Tic. A.Ş. Which is the leader IT distributor in Turkey.
Despec‟s two importnat and experienced shareholders creates
important synergy for Despec.
36
Why Despec?
• High and Consistent growth since establishment
• Leader in its field since1998
• Important growth potential in IT Sector.
• Strong financial sheets & low debt rates
• Synergy created with company shareholders who have deep and long year
experiences.
• Successful risk management
* Source: Interpromedya & Company
• Investments to be done and growth to be obtained in accessories.
37
Reasons for Capital Increase
• To provide the finance needs raised from growth of Company Operations.
• In parallel to real growth in the sector, to increase profitability and in particular, give better service
to the medium and small size customers who make low revenue.
• Strengthening electronic trade infrastructure
• Pursue new investment opportunities in this field to support IT Sector consumables needs with
domestic products.
• In parallel to Company‟s growth aim, considering the opportunities of acquiring companies from
stationary channel firstly.
38
Directors’ Board
Erol Bilecik
Chairman
Erol Bilecik was born in 1962 in Antakya. He completed his primary, secondary and college
education in the same city. In 1986, he graduated from computer engineering, Istanbul
Technical University. After his graduation, he started working in Nıxdorf Computer as System
Analyst and worked in this company for two years.
Erol Bilecik established Index A.Ş. in 1989 and took in charge as General Manager. He
is stil CEO of Index Bilgisayar A.Ş., Despec A.Ş., Datagate A.Ş., Neteks A.Ş, Neotech A.Ş.
and Teklos A.Ş. in INDEX GROUP.
In meantime, He took in charge as the chairman of Turkish Information Technology
Industrialists & Businessmen Association which is one of the oldest non-governmental
organizations in Turkish Information Technology Sector. He is married and has two children.
He speaks English.
Oğuz Gülmen
Vice Chairman and General
Manager
• Oğuz Gülmen was born in 1957 and he completed his education in master level in
Computer Science Department of London University in 1978. He is a software engineer.
He worked as system analyst in Denizcilik Bankası Bilgi İşlem Merkezi & Türkiye Şişe
Cam companies & Lever respectively between 1981-1988, sales representative in Siemens
Nixdorf & 3M Elektrik companies between 1988-1993, planning manager in Ford Otosan
respectively between 1993-1996. Oğuz Gülmen left working with Ford otosan and in the
same year, he was appointed as Assistant General Manager of İndeks Computer. In 1998,
he was appointed as General Manager to Despec A.Ş. He still runs his duty in Despec as
General Manager and Vice Chairman. He is married and has one child. He speaks English.
39
Directors’ Board
Halil Duman
Board Member
Salih Baş
Shareholder and Board
Member
• He was born in Giresun, in 1965. He completed his primary, secondary and high school
education in Bulancak. In 1987, he graduated from Business Administration of Marmara
University. He started working in accounting deparment of construction company called
Yücelen Inşaat A.Ş. In a little while, he became a CFO (Chief Financial Officer) and
conducted this duty for thirteen years. After he left this position, he started working for
Indeks Bilgisayar A.Ş. as CFO (Chief Financial Officer). In december 8th, 2003, he was
appointed as Assistant General Manager with the title of CFO. He is still acting as Board
Member of the group companies and also acts as a Board Member. He gained Official
Certified Chartered Accountant title and is a member of ACCA in Istanbul. He is married
and has two childeren.
• Salih Baş was born in 1965, and graduated from Anadolu University, Department of
Business Administration. He has been working for Index Group since 1990. In 2003, while
he was acting as the Assistant General Manager - Finance & Accounting for İndeks
Bilgisayar Sistemleri Mühendislik Sanayi ve Ticaret A.Ş., he was appointed as the General
Manager and Vice Chairman of the Board of Directors of Datagate Bilgisayar Malzemeleri
Ticaret A.Ş.. He curren acts as the Deputy Chairman for the companies, İndeks Bilgisayar
Sistemleri Mühendislik Sanayi ve Ticaret AŞ., Teklos Teknoloji Lojistik Hizmetleri AŞ.,
Homend Elektrikli Cihazlar San. Ve Ticaret AŞ., İnfin Bilgisayar Ticaret A.Ş. and Desbil
Teknolojik Ürünler Ticaret A.Ş., and as one of the members of the Board of Directors for
the companies Despec Bilgisayar Pazarlama ve Ticaret AŞ., Neotech Teknolojik Ürünler
Dağıtım A.Ş. and Neteks İletişim Ürünleri Dağıtım A.Ş. Salih Baş is married with one
child and speaks English.
40
Directors’ Board
Riyaz Jamal
Board Member
• Riyaz Amirali Jamal was born in 1955 and took his family business over in1987. He
opened Despec London Branch. In 1993, he opened first Middle East Office in Jebel Ali
Free Zone when became a partner company with “Van Dorp Despec”. Jamal established
Despec International FZCO in 2006 and this company acquired %100 of Despec Group
B.V. He sold % 70 shares of Despec International FZCO to DIFC(Dubai International
Financial Centre) in 2007. He started his professional career 25 years before by computer,
printer trade and retail selling. He became the main distributor in Canada and Europe in
OEM (computer components) brands . He is an experienced enterprise and specialised in
international business management, drawing and planning strategic vision, organization
management, company acquiring and merger. Besides, he is mechanical engineering and
speaks English, African and Indian Languages.
41
• Overview of Turkish Economy
• IT Sector
• Index Group
• Consumables Sector
• Despec – Overview
• Despec – Financial Data
• Public Offering Summary
42
Despec Summarized Financial Data*
Net Sales (TRL, mio)
EBITDA (TRL, mio)
EBITDA
FAVÖK
131,18
EBITDA Margin
FAVÖK
marjı
10,94
110,95
10%
10
104,96
97,62
91,28
8,02
8%
7,54
8
6%
6
4,27
4
2007
2008
2009
9M-2009
9A-2009
4%
3,82
2
2%
-
0%
2007
9M-2010
9A-2010
*2007, 2008 ve 2009 have been audited 2010 nine months data have not been audited.
43
2008
2009
9A-2009
9M-2009
9A-2010
9M-2010
Despec P/L Accounts*
TRL, mio
2007
Sales
104.96
100.00% 110.95
100.00%
131.18
100.00%
91.28
100.00%
97.62
100.00%
Cost of Sales
-96.38
-91.83%
-101.7
-91.66%
-115.78
-88.26%
-80.45
-88.14%
-86.18
-88.28%
8.59
8.18%
9.25
8.34%
15.39
11.73%
10.83
11.86%
11.43
11.71%
Marketing , Sales & Log. Exp.
-2.43
-2.32%
-2.69
-2.42%
-1.83
-1.40%
-1.34
-1.47%
-1.21
-1.24%
General Administrative Exp.
-2.36
-2.25%
-2.36
-2.13%
-2.62
-2.00%
-1.96
-2.15%
-2.34
-2.40%
0.07
0.07%
0.04
0.04%
0
0.00%
0
0.00%
0.17
0.17%
-0.09
-0.09%
-0.01
-0.01%
-0.05
-0.04%
-0.03
-0.03%
-0.08
-0.08%
3.79
3.61%
4.23
3.81%
10.89
8.30%
7.5
8.22%
7.98
8.17%
0.03
0.03%
0.04
0.04%
0.05
0.04%
0.03
0.03%
0.04
0.04%
3.82
3.64%
4.27
3.85%
10.94
8.34%
7.54
8.26%
8.02
8.22%
-1.24
-1.18%
1.29
1.16%
-1.48
-1.13%
-1.23
-1.35%
-0.53
-0.54%
2.55
2.43%
5.52
4.98%
9.41
7.17%
6.27
6.87%
7.45
7.63%
-0.21
-0.20%
-1.07
-0.96%
-1.79
-1.36%
-1.19
-1.30%
-1.46
-1.50%
Net Profit or Loss
2.34
2.23%
4.45
4.01%
7.62
5.81%
5.12
5.61%
5.96
6.11%
Parent Company Shares
2.34
2.23%
4.46
4.02%
7.91
6.03%
5.35
5.86%
5.96
6.11%
0.20% 0.4044
0.36%
0.6930
0.53%
0.4653
0.51%
0.5419
0.56%
Gross Profit / Loss
Other Operationa Income
Other Operational Expenses
Operational Profit / Loss
Depreciation
EBITDA
Financial Income / Expenses
Profit / Loss before Tax
Tax Expenses
Earning per Share
0.2129
%
2008
%
2009
*2007, 2008 ve 2009 have been audited 2010 nine months data have not been audited.
44
%
9M-2009
%
9M-2010
%
Despec Balance Sheet*
TRL, mio
Current Assets
Cash & Cash Equivalents
Trade Receivables
-Receivables from Related Part.
-Other
Other Receivables
-Receivables from Related Part.
-Other
Inventories
Other Current Assets
Non-Current Assets
Total Assests
Short Term Liabilities
Financial Liabilities
Other Financial Liabilities
Trade Payables
-Payables to the Related Parties
-Other
Other Payables
Long Term Liabilities
Financial Liabilities
Capital
Capital Paid-in
Previous Years‟ Profit
Net Profit for the Period
Capital and Total Liabilities
2007
29.71
2.26
12.01
0.03
11.98
4.05
4.05
0
8.9
2.49
0.4
30.11
%
98.67%
7.51%
39.89%
0.10%
39.79%
13.45%
13.45%
0.00%
29.56%
8.27%
1.33%
100%
2008
33.59
1.99
16.19
0.77
15.43
8.52
8.5
0.01
4.58
2.31
0.61
34.2
%
98.22%
5.82%
47.34%
2.25%
45.12%
24.91%
24.85%
0.03%
13.39%
6.75%
1.78%
100%
2009
47.12
0.52
19.14
5.26
13.88
7.09
7.09
0
15.87
4.5
1.17
48.29
11.77
3.11
7.7
0.29
7.41
0.18
0.1
18.24
11
4.36
2.34
30.11
39.09%
10.33%
25.57%
0.96%
24.61%
0.60%
0.33%
60.58%
36.53%
14.48%
7.77%
100%
11.4
3.13
6.29
0.56
5.73
0.21
0.1
22.7
11
6.59
4.45
34.2
33.33%
9.15%
18.39%
1.64%
16.75%
0.61%
0.29%
66.37%
32.16%
19.27%
13.01%
100%
21.36
8.28
11.23
0.18
11.05
0.59
0.13
26.8
11
6.7
7.62
48.29
*2007, 2008 ve 2009 have been audited 2010 nine months data have not been audited.
45
%
9A-2010
97.58%
42.37
1.08%
6.82
39.64%
17.3
10.89%
0.56
28.74%
16.74
14.68%
1.37
14.68%
1.37
0.00%
0.01
32.86%
13.39
9.32%
-3.48
2.42%
1.43
100%
43.8
%
96.74%
15.57%
39.50%
1.28%
38.22%
3.13%
3.13%
0.02%
30.57%
-7.95%
3.26%
100%
44.23%
17.15%
23.26%
0.37%
22.88%
1.22%
0.27%
55.50%
22.78%
13.87%
15.78%
100%
32.31%
7.10%
23.20%
0.07%
23.13%
0.96%
0.43%
67.24%
25.11%
22.88%
13.61%
100%
14.15
3.11
10.16
0.03
10.13
0.42
0.19
29.45
11
10.02
5.96
43.8
Product Based Revenue and Cost Distribution
TRL
Product
Laser Toner
Ink
Cartridge
2007
Total
Quantity
Revenue
2008
COG
Gross
Profit %
Toplam
Quantity
Revenue
2009
COG
516,669 56,256,172 51,816,626
7.89%
541,999 63,077,504 57,822,708
1,323,916 32,969,435 30,446,448
7.65%
1,326,741 33,173,614 30,782,163
Gross
Total
Profit % Quantity
8.33%
Revenue
COG
Gross
Profit %
531,830 77,637,893 68,106,436
12.28%
7.21% 1,128,630 34,880,002 31,503,183
9.68%
Magnetic
Media
325,803
5,722,170 5,012,728
12.40%
219,057
4,541,437
3,913,285
13.83%
221,984
7,297,716
6,278,499
13.97%
Accessories
352,687
4,698,663 4,171,606
11.22%
342,163
5,695,528
5,007,152
12.09%
329,468
7,179,775
6,125,196
14.69%
Printer
Ribbon
340,745
4,053,846 3,763,064
7.17%
267,159
3,358,304
3,133,372
6.70%
205,780
3,064,087
2,740,157
10.57%
Paper
122,084
1,264,335 1,166,277
7.76%
113,333
1,103,357
1,044,159
5.37%
69,190
1,115,778
1,031,226
7.58%
2,981,904 104,964,620 96,376,748
8.18%
8.33% 2,486,882 131,175,251 115,784,697
11.73%
Total
2,810,452 110,949,742 101,702,839
46
• Overview of Turkish Economy
• IT Sector
• Index Group
• Consumables Sector
• Despec – Overview
• Despec – Financial Data
• Public Offering Summary
47
Public Offering Structure and Conditions
Company Offering to Public
Despec Bilgisayar Pazarlama ve Ticaret A.Ş.
Stock Exchance to be Quoted
Istanbul Stock Exchange
Share Type to Quote
B Type Shares
Public Offering Rate
%39,35 (4.025.000 TRL Shareholder Selling, 500.000 TRL Capital
Increase)
Public Offering Price
7,15 TRL
Paid up Capital before Public
Offering
11.000.000 TRL
Dsitribution of Shares Offering to
Public
%75 Domestic Individual Investors, %15 Domestic Corporate Investors,
%10 Overseas Corporate Investors
Public Offering Structure
Shareholder Selling and Capital Increase
Lock-up
Shareholders will not sell any shares during 180 days as public offering.
Company will not do any paid capital increse for 180 days.
Expected Public Offering Date
Last week of Nevember, 2010.
Consortium Leader
OYAK Yatırım Menkul Değerler A.Ş.
48
THANKS…
49