Hello everyone, and welcome to the DP Eurasia preliminary results. Throughout the call, all participants will be in listening only mode, and afterwards there will be a question and answer session. Today, I am pleased to present CEO Aslan Saranga. Aslan, please go ahead. Good morning, everybody. Thanks for coming to our 2021 prelims results presentation. I have my colleague Selim Kender with me. He is our Chief Strategy Officer, and also İlknur Kocaer. She is our new Investor Relations Director. We are pleased to report another set of strong results on 2021. If you want to summarize all year, we have three important points. One of them is the strong Turkish performance. The other one, in the beginning of 2021, we said it will be a transition year for Russia. Of course, unfortunately last one month, we have a war going on there, so we are very sorry for that. As always, product and technology innovation has been the backbone of DP Eurasia, so I will give an update on that also. About Turkey. Turkey has been experiencing high inflation over the last three years. However, we have consistently performed above the inflation rate during this period, including 2021. Our target is to manage this inflation to deliver long-term sustainable growth and take market shares. Of course, cost pressures will be an important factor on that also. In Russia, 2021 was a strong recovery year in which we alleviated the negative developments of the previous year. We returned to a positive like-for-like growth rate of almost 10% and increased our adjusted EBITDA. Post-year end, we have been shocked and saddened to witness the unfolding conflict involving Russia and Ukraine, and the effect it has had on all of the innocent civilians across the region. The safety and welfare of all the group's employees and customers remains our primary priority, and we continue to monitor the situation closely. At this stage, there has been no material disruption to the group's operation in Russia. 188 stores in Russia continues to give service to the communities it serves. We also limited any further investment into our operations in Russia and will keep this under review going forward in light of geopolitical situation. Furthermore, we also suspended royalty payments from our Russian operations until further notice. Product technology innovation is the backbone like-for-like growth of DP Eurasia, which continues in both markets. We introduced new pizzas, side items, lot of new UX updates in our app and web. I am also excited to announce the launch of our new coffee shop and product brand, COFFY, which has opened 11 stores in Turkey. I believe COFFY will be an important contributor to our growth in the Turkish market over coming years. I will also thank all of our employees and franchisees for their sacrifice, hard work, and determination for 2021. Now, let's look at the 2021 highlights, financial highlights. We increased our system sales 51.5%. It's close to TRY 2.4 billion. Our revenue is up 47%, and our revenue is close to TRY 1.5 billion. Our adjusted EBITDA is TRY 208 million in 2021. This is 59% higher than previous year. Our Turkish EBITDA is up 44%, and our Russian EBITDA grew from TRY 2.3 million to TRY 23 million. The Turkish business continues to build on its very strong performance since the second half of 2020 with the like-for-like growth rate exceeding 50%. I would like to remind you that inflation for 2021 has been 36% in Turkey, and our Russian like-for-like has been 9.6%. Last year because of COVID, it was -12%. It was also an important year for us in terms of store openings. We surpassed the milestone of 800 stores. Now we are 809 stores. We opened 38 stores in Turkey, which is the highest annual store opening since 2014. Once again, online delivery system sales reached all-time high figures, which is 80%, and it is 4% higher than last year. Steady increase of this mix is beneficial for us. We get to know our customers and tailor our approach with a better focused offering. Now, let's go and get into the group operating highlights. Like-for-like performance continues to be driven by online. Our online like-for-like has been 50%. As I mentioned earlier, store counts surpassed 800 stores. We are 809. Another major change in our store mix is the franchise store mix has grown from 71% to 76%. COVID-19 has shifted the mix towards delivery. There is another 4% increase in our delivery mix, which grew from 74% to 78%. Now, let's deep dive our Turkish performance. I mean, the main reason for our good performance in terms of like-for-like in Turkey is number one, we are the best value brand, QSR brand in Turkey. We are constantly increasing our market share in Turkey. That's mainly driven by new product launch, new change in our online ordering platform. We have also strong marketing budgets. We are one of the largest QSR TV investing on TV in Turkey. We have continuous celebrity endorsement marketing, and we are the sponsor of Euroleague Basketball brand sponsorship in Turkey. As I said earlier, we had 39 new store openings in Turkey. This is the highest annual figure since 2014. Online like-for-like growth has been 60%, and online sales as a percent of delivery sales is at 77%. This is 6.3% higher than last year. Current trading has started strong in Turkey. We have 50% like-for-like growth for the 12 weeks ended March 27, keeping ahead in a high inflationary environment. Our Turkish operating highlights, we surpassed in Turkey also 600-store milestone. We have 607 stores. Again, franchise store mix has increased from 81% to 84%, and COVID-19 has shifted the mix towards delivery. Our delivery mix increased from 72% to 78%. Now, I would like to give a color on how we combat inflation, which has been in an increasing trend in Turkey. Turkey has been experiencing high inflation over the last three years. However, we have consistently performed above the inflation rate during this period. This is the period where COVID started, and we were under it. If you take it as 100, this red color is our weekly store sales, and this is the inflation. Owing to the management experience in navigating through periods of high inflation, we expect to manage the situation to deliver long-term sustainable growth. Of course, in the short-term, there will be a lot of cost pressures. There will be ups and downs, but we believe Domino's is a resilient business. We are tackling with inflation via frequent price increases on its sales to consumers and franchisees, while remaining mindful of keeping its best value for money consumer proposition and franchise profitability. It seems like next nine months, inflation in Turkey will be, will go on in this level, maybe higher. I am very excited to announce about our new coffee brand. This is a project we were talking in our company, by the end of 2019, because we are one of the largest QSR brand in Turkey. We have a very good infrastructure in logistic, in technology, in purchasing power, lots of know-how in marketing. We said, "Why don't we use this in another, let's say, industry or, food business?" We said coffee could be a big opportunity because the margins in coffee is good, and coffee market in Turkey has a huge potential. We believe with the synergy of Domino's, we thought, you know, technology-driven, good value coffee chain can make a difference in the coffee market. In order to test this, we started with one store in 2020 in a city center of Istanbul. Unfortunately, there was COVID and that after that. After the ease of the takeaway, by the end of 2020 and by the beginning of 2021, we opened five more corporate stores, and we tested again. The test was very successful. Our customers like the coffee and the products. Our COFFY is 30%-40% cheaper than our closest competitors. As we see the numbers with our corporate stores were good. We said, okay, let's start with franchisees. We opened five franchise stores, and we are targeting 3-4 years ROI in COFFY for our franchisees. So far, it's going good. It's very early to comment on how much we will grow and how much money we are going to make. We want to open as many stores as possible until the end of this year, and then we can talk about the numbers more there. I believe COFFY will be an important contributor to our growth in the Turkish market over the coming years. This is some pictures about our shops and about our product. Now let's deep dive into Russia. In the beginning of or by the end of 2020 and in the beginning of 2021, we said it will be a transition year for Russia. By the end of 2020, we changed the management there. We have a new management, and they implemented a detailed plan to address the challenges in the Russian market. What were they? Probably you will remember the challenges with the franchisees and the entering to the aggregator, fixing the you know bad stores and so on. We have worked on long-term improvements to product, service, and technology, and we fixed our relationship with our franchisees, and that's returned us to a positive like-for-like growth rate of 10%. Last four months, actually, it was better than pre-COVID period. Online like-for-like growth was 12.4%. Online sales percentage of delivery sales reached 93%. This is 3 percentage points higher than last year. We had two net store closures in Russia and the franchise mix at 50%. Current trading for the 12 weeks ended on 27th March is -5%. This is due to lapping a strong January 2021 last year. I would like to remind you that the COVID restrictions had finished in Russia by the beginning of March. We are 7.6% better than pre-COVID period in Russia. The ongoing geopolitical conflict brings uncertainty. We are aware of that. At the moment, there is no material disruption in our business. On the other hand, you know, we are closely monitoring what's going on in the market and we don't know what's going to be in the next coming months. I hope this conflict will be solved and everything will be as usual. I think we gave all the information here. I think the main news I can give on this slide, because of COVID, delivery mix has shifted from 62% to 78% in Russia and staying in the same level. I would like to give you some more information about the product innovation. In Turkey, we were already coming out with a lot of new products, like a lot of side items. Like, here you see a pizza, chicken and potatoes. We come up with a new oven-baked sandwiches. Unfortunately, it's not here. That helps us taking a lot of market share from the QSR market. That's actually one of the reason why we are doing better than markets and better than inflation in Turkey. In Russia also, we improved our many product line. It might be a little bit different for you. This, I mean, it's different for me. This pear blue cheese pizza been very popular. We have half and half pizza, which is now 5% of our sales. I think the team is doing a very good job on coming up with new pizzas according to the taste of the Russian market. This is also a different one, pizza with chips, easy and peasy. So it's really a lot of exciting products in the Russian market. Look, in digital, it's very difficult to explain with one slide here what we are doing, but it's the backbone of DP Eurasia. You know, we have a big team of people working to improve our digital channels. You are seeing that the most of our like-for-like growth is coming from digital. One of... it's not one thing, many UX changes. We are changing these continuously, and we see an increase in our conversion rates, both in Russia and in Turkey. Of course, there's a lot of room in Russia in terms of conversion rates. Loyalty wallet is improving our frequency. Right now, order frequency is five, coming up to five. There are again a lot of new loyalty and wallet functionality which will be added in Russia. I'm very excited about it. With this, I would like to hand over to Mr. Kender for the financial results. Hello, everybody. Let's look into the financials. One important thing to note, as you all know, since 2019, when the new accounting standard IFRS 16 came into play, we had been reporting our numbers, especially on the EBITDA and net debt side, both including and excluding IFRS 16. However, as we had stated as our interims, we believe this transition period to be over, and starting from 2021 and going forward, we will only be reporting our financials under IFRS 16. As a group, with the system sales, we are up 52% to TRY 2.4 billion. This was achieved by the solid growth we have experienced in Turkey, as well as the top-line recovery in our Russian business. EBITDA is up by 58.5% to TRY 208 million, and we've seen some slight uptick in the overall margin from 8.4% to 8.8% as well. Cash conversion has been in a continuous uptick for the past starting from 2019. What we had at 39% last year, we have been able to increase that to 59% this year through improving EBITDA and controlled and prudent management of CapEx. Quick reminder for our cash conversion definition is EBITDA minus CapEx divided by EBITDA. We say EBITDA here excluding IFRS 16, which basically comes to EBITDA minus lease payments, which is pretty close to it. We include our rent costs here, obviously, because they're a big part of our operating expenses. Looking at Turkey, system sales are back up 59%, reaching TRY 1,750 million on the back of strong like-for-like growth as well as a record year in new store openings since we achieved our highest numbers since 2014. EBITDA is up more than 43% to TRY 202 million. There's about a 1 percentage point slip in the margin due to the need to balance the discrepancy between consumer price inflation and producer price inflation that we're experiencing in Turkey. We have been performing solidly with respect to cash conversion in Turkey. We were already at a high level, but we've even improved on that, and it has reached 78% for the year 2021. As Aslan said, we're not shying away from CapEx when it needs to be spent, especially on the digital and IT sides, always keeping our capabilities at the industry-leading standards. Looking at Russia, sales are up 33% in terms of Turkish liras, up to about TRY 630 million. We're rebounding from a weak 2020. Good news is in the last four months of 2021 and also the first 12 weeks of the new year, 2022, our like-for-likes are in positive territory compared to pre-COVID trading. With the recovery in the top line, EBITDA improved markedly, with 10x the EBITDA that we did last year with TRY 23 million. Obviously, there's a bit of a rule of small numbers going on. Through carefully controlled CapEx, we're not opening any new corporate stores. Into 2021 CapEx was pretty much the same as the 2020 CapEx, coming in at TRY 16 million. We've also informed the market obviously that we're stopping CapEx until the geopolitical situation is resolved in the region. Let's have a brief look at our balance sheet as well. We had limited leveraging from last year, going from 3.2x EBITDA to 3x EBITDA. The main reason for this was due to the rapid devaluation of the Turkish lira against the ruble that we experienced in the fourth quarter of the year, as well as somewhat increased inventory and advanced payment levels in an effort to control costs for the preservation of margins. We still do not carry any hard currency liabilities on our balance sheet with respect to our bank borrowings. We only have Turkish lira and rubles. Turkish lira makes about 61% of our bank borrowings, with the remaining 39% in rubles. This division is pretty much in line with our revenue generation from the two countries as well. On the lease liabilities, the mix is split evenly. 50% is in lira, 50% is in rubles. We continue with our conservative and prudent approach to our leverage levels, and we have ample liquidity with around TRY 200 million of cash on the balance sheet with an additional TRY 186 million in available bank line. I would also like to touch upon our relationship with Sberbank briefly as well. I'm happy to report that we've obtained a waiver from Sberbank covering all four quarters of 2022. We're continuing with our negotiations to reset the covenants for the remainder term. As a reminder, the principal outstanding under the Sberbank loan currently amounts to about RUB 900 million, of which about RUB 200 million is supported by a cash collateral deposit. If need be, we have the ability to pay it back, owing to our strong liquidity position. However, you know, the interest rate on the Sberbank loan is quite advantageous at 9.7%, currently, which is well below what we can find in Turkey and Russia, currently. We're happy basically getting our way with it when we can and, you know, we kind of have breathing room with respect to the covenants for the next year. Brief corporate governance update. As you will remember, in March 2021, Jubilant FoodWorks, which is the master franchisee of Domino's for the Indian market, mainly, had purchased a 32.8% stake from our previous major shareholder, the Turkish Private Equity Fund. They have since then built up their position to 41.3% via a reverse book build process that they held in November and through some open market purchases. You will also remember that with Brexit we were left outside the U.K. takeover code and the Dutch takeover regime. As a temporary measure with close collaboration with our major shareholder Jubilant we have amended the relationship agreement to bring forth takeover protection for our minority shareholders. As things stand if Jubilant were to exceed a 50% shareholding in our company they will need to launch a mandatory takeover bid for the entirety of the company. As a longer-term measure, we are also in the process of amending our articles of association. There will be an EGM that will be held next week to enter this protection for minority shareholders into our articles. That way, it will cover not only Jubilant, but any party that exceeds 50% to make a mandatory offer for the company. Jubilant have also already agreed to vote in favor of this amendment. Lastly, with respect to our board composition, the board has decided to appoint two additional independent non-executive directors in short order, and it is in advanced stages of appointing the first one. Also, during this process and following the annual general meeting in June of 2022, Jubilant has also agreed to reduce their board representation from their current three members to two members. We'll have a more independently composed board going forward. Taking you through guidance, unfortunately, given what's been going on in our geography, you know, given the uncertainty about geopolitical tensions regarding Russia and the high inflationary environment in Turkey, we're not able to provide meaningful guidance on neither the likely operating nor the financial results for 2022. Obviously, we'll continuously revisit this point throughout the year and if and when we can have some clarity into the situation in both our countries, we will update the market accordingly. You know, while the board is cognizant of this operating environment, it expects a resilient performance for 2022. We've been getting some questions regarding Turkey in terms of store openings. I think you know the difficulty with Turkey is with the rapidly evolving inflation, difficult to project like-for-like. But we feel comfortable that we will have some store growth in Turkey to the tune of 25-30 stores, and we've already opened some in the first quarter. But you know, we should also be mindful that we also have a cost pressure in our income statement with the rapidly rising inflation. With that, I'll leave it to Aslan for his concluding remarks. Yeah. Thanks for listening up. As I said earlier, there are three important points for our business in 2021. The continuing strong performance in Turkey. You know, inflation was 36%. We were able to grow the business 51%. I think this is very important. Improved performance in Russia after a very difficult 2020. We had 10% like-for-like. As of now, about this situation between Ukraine and Russia, the war, there is no material disruption due to geopolitical tensions at this stage. 2022 will follow the developments. We are not making any further investments in Russia at the moment. We will reconsider it after everything is solved. I think the other most important thing is COFFY. Yeah, I think it's a long-term growth opportunity for our business. This is all. This is the end of our presentation. First of all, I would like to take questions from the room, and then we'll pass on to the phone. Yes, please. Just briefly. Clearly inflation is very high. Could you give us a practical insight into what's going on in Turkey? Because companies can be flexible while putting up with prices pretty softly. I suspect wage growth doesn't go up in response to inflation and their effects. What's actually going on with wage growth and consumer spending on the front lines of the country as well? Well, actually, wage has increased in the beginning of this year, minimum wage, 50%. Okay. There are some talks whether there will be another minimum wage increase in June and July. Actually, that's one of the main factors we are waiting also to predict what's going to happen end of this year. At the moment, with the effect of the war, because we have close trading ties both in Russia and Ukraine. What's happening in the gas prices and electricity, the expectation is that the inflation could be higher in Turkey. In terms of consumers, at the moment, we are on the same level. The inflation is 60%, the rates are 50%. You are right, but the purchasing power of consumer is the most important thing. On the other hand, we are the best value in the market. I assume there will be a lot of customers, you know, downgrading themselves from restaurants or cafés to our to Domino's, so. Okay, thank you. Just on the franchise, you have the plans to open up more stores, and their ability to finance those stores. Do you have any insights into how they stand? Look, I mean, last year, the inflation was very high in Turkey. The franchisees trust us because we are a resilient business. We had a record store opening this year. So far, actually, we had close to 12, 10-12 store openings in the first 3-4 months. There is still a demand because we are getting a bigger market share from the QSR business in Turkey. Just last on footfall recovery. What? Footfall recovery. The insight into your collection and footfall, post-COVID, you see collection pick up, you see people coming in to- Takeaway. Okay. Yeah. Thank you. Sorry. It's going up, but it's still not on the pre-COVID level. I think it's 2022. It was- [audio distortion] constituted about 38%-40% of our business. At the height of COVID, we've seen some weeks where it was as low as lower than 20% of the business. Right now, for 2021, on average, we ran at about somewhere between 20%-25%, depending on the week. Okay. That's all. Thank you. Any more questions? Yes. Hi there. Yeah, Aslan. Can I just ask, on Russia, can you maybe outline some of the work that you mentioned you've done to separate that pre- Yeah. Maybe also some initiatives that they have to address too. Well, I think the first thing we did was with the franchisees, because there were. The communication especially was improved. As you see right now, 50% of our franchisees of our store mix is franchisee. I can say that this relationship and trust problem was solved. I think this is very important. The second one is the things we did for the products. There was a lot of improvements on the existing products, new products, and value pricing, good value pricing. There were a lot of actions done there. I think the third action was on the online ordering platform. We had some know-how from Turkey, which we didn't have it in Russia. We moved there, but we still work to be done there. We had lots of plans about new openings, store openings. Unfortunately, we've stopped it right now. Just on coffee, the results were relatively okay. Have you taken priority with different formats in Turkey before you spoke today on standardizing certain- Yes, we tried. I mean, we start with a very small concept like, you know, 60 sq m, 70 sq m. Because our idea is more to like, you know, usually in coffee shops, the rents are very high. We wanted to start with low rent. Then this was one format. The second format, we are in three universities, because it's a very good value and good coffee. It's working in university. Lately with the franchises in Ankara, we opened little bit the big format. The idea is always to be around the young people like, you know, we are across the university, you know, close to the university, inside the university. Now we have like I can say three formats, like small format, one in the university, and the third one is like bigger shops. But this is like 150 sq m to 200 sq m. Thank you. Okay, now we can get questions from the phone. Our first question comes from Mr. Malhotra with Liberum. Please go ahead. Hi, Aslan. Hi, Selim. I just wanted to ask about the coffee brand, which is quite exciting. In terms of locations, how would you describe it compared to where your Domino's stores are located at the moment? Do you ever see an opportunity of co-locating both a Domino's and a coffee store, or that wouldn't make any sense? Just wanted your opinion on that. Your coffee stores, how far or how close are they to existing Starbucks locations in those regions, given that Starbucks already has, like, more than 500 stores in Turkey? Maybe give a sense of opportunity also compared to Starbucks. Thank you. Actually, all of our stores are close to Starbucks right now. Okay. You know, smaller square meters. We believe we can find better rents from them. We have also because some of our stores, especially outside Istanbul Domino's, they are in very good locations. I think there will be a lot of opportunity to put COFFY and Domino's next to each other. Okay. That's very interesting. In terms of the Turkey performance, I believe, I mean, the like-for-likes are still very solid at +50%. I mean, I'm quite surprised by it given the inflation is running so high, and I would have expected some downturn in terms of the volumes that you are getting out of customers. I do think you are, at the moment, already winning share from other players in the market because of your cost competitiveness. Is the market overall, do you think, growing in terms of volumes or is the market declining and you are taking share? Thank you. The last three years, including COVID, the market volumes are not growing in Turkey. Okay. It's actually, it could be going down. In terms of orders, I'm talking about, not in TL. But in terms of orders, we have grown our orders per store in the last three years in our stores. About these three months, I would say it was stable. The orders were stable and we were able to transfer the price increases to our customers. This is the situation. Okay. That's it. Thank you. Those are all the questions from me. Thank you. Thank you. As a reminder, if you do wish to ask a question, please press zero one on your telephone keypad. At this time, we have no further questions. I will now hand back to our speakers for any closing comments. Okay. Thank you very much for listening to us and hope to see you in our next presentation.