Welcome to the DP Eurasia trading update. Throughout the call, all participants will be in listen-only mode. Afterwards there will be a question- and- answer session. Today, I'm pleased to present Aslan Saranga and Ugur Koser. Please go ahead with your meeting. Good morning, everybody. Welcome to our trading update for the 10th month ended 31st October 2022. As you know, in Turkey, we are adjusting our numbers according to the inflation, since it's above 70%-80% right now. I will make the explanation with the after- inflation- adjusted numbers. Our total like-for-like net system sales is 11.6%. Pre-inflation- adjusted numbers in Turkey is 67%. Overall, pre-adjusted system sales growth is 75%. This good performance has been delivered against a very strong prior year comparative, which was 52% last year, while operating in a sustained inflationary environment. Adjusting the exclude the benefit of last year VAT reductions, which ended in September 2021, our like-for-like performance in Turkey is -3%, and if we adjust with VAT, it's +4%, VAT in Turkey is 7%. Online delivery system sales increased to 83%. This is 6 percentage point higher than last year, reflecting DP Eurasia's robust positioning for the online ordering channel. Group online system sales grew by 14%. Pre-inflation- adjusted is 75.6%. Turkish new store openings of for Domino's Pizza is 31, reflects strong demand and maintained network expansion momentum building on the record year in 2021. Our COFFY network has this year increased by 14 stores to reach 22, with solid franchise demand likely to carry the year-end numbers slightly above 30, which is top end of 2022 guidance. Liquidity position as of 31st October is TRY 104 million cash and undrawn bank facility of TRY 185 million. The Group continues to trade in line with its formal guidance for full year 2022, which was reinstated by management earlier this year. I can say Group like-for-like and net store openings will be higher end of the guidance. Our Domino's Pizza net store openings will be a little bit above 40 stores, and COFFY net stores again will be above 30 stores. Like-for-like rate growth rate has been 55%-65%. Again, we expect like-for-like will be above, or close to 65%. I can say November, like-for-like in Turkey is higher than inflation at the moment. Trading has continued with solid momentum, and we remain dedicated to our clear and targeted action plan that focuses on three areas: strategic pricing and product innovation, continued digital innovation, and operational efficiencies for sustainable profitability. This approach enables us to combat the high levels of volatility in the regions in which we operate. As Q4 progresses, we are seeing the impact of our efforts becoming increasingly visible in terms of volume generation and customer acquisition. Our Group system sales grew by 11.6% by the end of October, with inflation in Turkey stripped out. Our like-for-like performance broadly caught up with rapid pace of inflation when adjusted for last year's VAT advantage, which thanks to our diligent price adjustment, as I mentioned earlier, our November like-for-like is higher than inflation. In Russia, we continue to operate in a difficult geopolitical and economic environment. As a result, our like-for-like performance by the end of October was negative. In Russia, we remain focused on store network optimization and efficiency. The business will continue to operate in a self-sustained manner. Our focus on product innovation remains integral and allows us to present a broad choice for customers who are seeking value and affordability amid the inflationary environment. One of our new products, Pizzetta, which costs around $1, has become very successful since its launch early October. While we are also introducing a snack from the oven takeaway range early next year, that will complete our suite of value options. We retain a fundamental commitment to ensuring franchisees remain profitable. As a result, franchise demand is very strong, and our Domino's Pizza store count in Turkey has increased by 31 year to date. Given our strong pipeline and sustained franchise interest, we remain confident that 2020 will be another solid year for Domino's Pizza network expansion. Our own brand COFFY continues strengthen its presence with accelerated expansion. With multiple store concepts to fit in with local circumstances, our COFFY network reached 22 stores in four c ities by end of October. Franchisee demand stands very strong owing to COFFY's proven sales performance, and this is likely to carry the total store count above 30 by the end of the year. This demand, alongside our ambitious targets for 2023, will enable us to add further scale to our COFFY business. Thank you for listening to me, and we will be happy to answer your questions for our trading update. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There will be a brief pause while questions are being registered. The first question comes from the line of Wayne Brown from [Debra]. Please go ahead. Morning. Thanks for the update today. That was all very clear. Just two questions from me, if I may. Firstly, can you just give us an update on what's happening on the ground in Turkey? You just consumer habits and behaviors. Are they coming into your stores as frequently as they were before? Average basket value? How many items per basket? Or if you're seeing fundamental changes in those kind of frequency of purchase, et cetera. A secondary question on COFFY, if I may. I know it's early days and you've only, you know, you're still in the early parts of the rollout, but can you give us any indication of what paybacks are looking like? How quickly stores are necessarily maturing? What the AWUS, average weekly unit sales are looking like? If you've got a view as to how many stores you need to have open until that's probably self-funding to a certain degree, or we are a long way off from that? Thank you. Oh. Thank you. There's a lot of questions, but I'll try to remember everything. I know. I said two, but that is probably more like 22. I apologize. Yeah. Now, Turkey, Our challenge for Turkey, because we started with the year, beginning of the year, projecting that the AWUS will be 50%, now we are up to 85%. Of course, you know, when the product, number of, the cost of product is going up, income of the people were not going as fast as cost increases. Therefore, it took us some time to increase our ATP parallel to our increase in the costs. Our target was to keep our average weekly orders. I mean, the customers, not to lose customers. We are, we have done that. You know, when you look at our AWU like-for-like it's around - 5%. We are trading around 950 now with the 1,000 orders. This is our range in our Turkish business, 900-1,000 orders. But, you know, as I said, you know, trend is going in a positive direction because, you know, we are still able to increase our average ticket price. This quarter fourth is the first quarter that our average ticket price is even higher than inflation. We will expect, I expect in Q4, higher like for like than inflation. I mean, the main reasons for that, we are the best value in the market. You know, especially with our latest product innovation called Pizzetta. It's a rectangular shaped pizza, which is smaller than our small pizza or equal to, so which is quite nice product to feed one person. It works. It goes very well, and it's increasing our weekly orders also. We see that trend. I don't know if this is enough answer for the Turkish business. That is very helpful. Thanks. Thanks, Aslan. About COFFY. I mean, our paybacks are still very strong for the franchisee, which is around 2.5 years. The investment of an average coffee shop because there are smaller versions and bigger versions, I would say around $100,000. The franchisees are able to get 2.5 years payback. The demand is very strong. I don't think there is another, any other concept in Turkey which is giving us such a strong payback right now. The average weekly order in COFFY is around 2,500 orders. Usually it takes, since it's more location business, it takes around six to eight months until the one store comes to a maturity level. That's what we see. AOV is around TRY 92,000. I mean, self-sustaining business. I mean, it depends on, you know, if we do not. We have out of now 22 stores, we have eight corporate stores. The beauty of our coffee business, if we do not open any corporate stores, the business is self-sustained because we use the same overhead of Domino's, we use the same online ordering platform, we use the same logistic centers, and we use the same commissary. Therefore, whatever we offer in terms of franchising, it goes to the bottom line. Of course, we hire some overhead additional to our Domino's overhead. You know, you can look at it around with around 3% of the net system sales. Going forward, this time, you know, we want to accelerate store growth, and we will open corporate stores. The growth will be hybrid, especially in the large cities. We want to grow faster, and we will do it by opening more corporate stores because the payback in the corporate stores obviously. Yeah. is the franchising. That's what I can say about COFFY. Okay. Can I ask one follow-up question? If it's too much information, then just, you don't have to necessarily answer. It would be helpful at site level, so excluding central cost, 'cause I get that you're leveraging COFFY through the Domino's infrastructure. Yes. At site level, how many orders do you need at a Domino's store, and how many orders do you need at a coffee store to be break even? That depends on the, very much on the rent, situation. Yeah. It will not be, you know, I might mislead you. It depends on the, i t could be 500 orders, 600 orders, 700 orders. It depends very much. I'm talking about, Domino's. Yeah. For COFFY, sizes are so different. You know, we have sizes of 300 m sq. We have kiosk sizes. I mean, I don't want to mislead you. Okay. That's fine. Thank you very much. You gave us a good load of information anyhow, Aslan. The next question comes from the line of Anubhav Malhotra from Liberum. Please go ahead. Hi, team. I just wanted to ask couple on consumer behavior in Turkey. In particular, I noticed that the share of takeaway and eaten has jumped, v ersus last year. Also, your sales from aggregators has jumped a lot. Yes. Yes. Give an overview of what's happening. Are the aggregators taking share, or are you just doing your sales well over there on the, on their platforms? Thank you. Yeah. Yeah, you are right. Now, about takeaway, yes, our takeaway has come to around 28%. When you compare to 2019, it's still below pre-COVID periods. This is the same for, COVID is finished in Turkey, and people are out I mean, going out, and we expect the takeaway shift will go on and will come to pre-COVID periods. Actually, this is also one of our strategy. Of course, this $1 products, you know, side items, also supports the takeaway business. It's there is a demand on that. The retail business in Turkey is quite hot right now. This is, a bout the aggregators, yes, our aggregator share is increasing, but on the other hand, our online ordering share is the same. The main reason for that, aggregator competition is growing in Turkey. Like two years ago, there was only one aggregator. Last year, we were working, you know, in 2021, we were working with two aggregators. This year we are working with three aggregators. One of them is owned by Alibaba, the Trendyol. The other one is the owned by Delivery Hero. The third one is Getir. There is a very aggressive competition in Turkey through aggregators in terms of getting market share. I think this is good for us because this competition is helping us and to improve our sales and to get better marketing conditions from our aggregators. I think it's it's good that we are, you know, under this competition, we are keeping our online ordering share on the same level. All right, thank you. Can I just ask on these aggregators, how different is your pricing versus what you charge on your own website? Is it very different or you keep the same prices? I mean, we have a, you know, segmented pricing strategy in terms of customers and, you know, location of our stores. We do not have different pricing in different aggregators. Sometimes, depending on the marketing support we are getting from the aggregators, we might have different promotions in different aggregators. Okay. The prices on the aggregator website and on your own Domino's app would be the same for the same store? Yes. Interesting. Can I ask on the interest rate environment in Turkey at the moment, given that the central bank has been decreasing the interest rates even recently, you have short-term debt in Turkey still. Are you being able to refinance your debt at lower levels or are the banks reflecting that? Yes. Yes, we are financing our debt in a lower interest rates. Okay. On the other hand, the, let's say, the duration of the debt is getting shorter and shorter. It's like six months, so you need to refinance it every six months. We didn't have any problem for that, and the interest rates are better. All right. Those are my questions. Thank you so much. You're welcome. Once again, ladies and gentlemen, if you wish to ask a question, please press zero one on your telephone keypad. Once again, it's zero one to ask a question. There seem to be no further questions at this point. I'll hand the conference back to you. Thank you very much for listening to us and hope to see you in our next trading update. Thank you. This now concludes our conference call. Thank you all for attending. You may now disconnect your lines.