Good morning, ladies and gentlemen, and welcome to the DP Eurasia Trading Update Conference Call. At this time, all lines in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Wednesday, May 31st, 2023. I would now like to turn the conference over to Mr. Aslan Saranga, Chief Executive Officer of DP Eurasia. Please go ahead, sir. Welcome to the trading update of DP Eurasia. We have started the year very well and successfully implemented our targeted action plan despite the ongoing macro challenges. Management is extremely experienced in navigating volatility, and group system sales remain strong overall with like-for-like growth. Our group system sales after inflation adjusted numbers, has grown 23%, and it has grown 21% in Domino's Pizza Turkey. Domino's Pizza Turkey, like-for-like, inflation adjusted, is 17.5%. This is one of the strongest numbers in the last couple of years. The impact of the earthquake in February was devastating, and our thoughts and condolences remain with all of those who have been impacted. The board is proud of the group's rapid reaction to support affected colleagues and restore operations where possible. We continue to stand in solidarity with our employees, business partners, and wider community. 12 stores is not operational because of the earthquake, as reported within our preliminary results announcement. Two are up and running. We have been working on several options for the temporarily closed 10 stores, including moving some off to the other cities and opening prefabricated stores in the affected regions. Since the beginning of 2022, we have implemented and operated a targeted strategy that focuses on three areas: strategic pricing and product innovation, continued digital innovation, and operational efficiencies to generate sustainable profitability. This approach has enabled us to combat the high levels of volatility in the regions in which we operate, and the impact of our efforts continues to be visible through volume generation and customer acquisition. Our focus on the product innovation remains integral. We continue to broaden our enterprise product range and launch a new mushroom pizza in January, which has already reached good volumes. Following that successful Pizzetta launch last year, we added new varieties to further enhance the potential of this product line. In addition, our new snacks from the oven range was launched in February, presenting a broad choice of effectively priced products to customers who increasingly seek value and affordability. The latest addition to our product range has been Pizza XL, which will contribute to average ticket price and side mix. We continue to improve the online proportion of our sales, and digital innovation remains an important enabler for us to enhance the customer experience and further solidify our robust positioning for the online ordering channel. Our online delivery system sales in Turkey increased to 83.3% as a share of delivery system sales. This is two percentage point higher than last year numbers. Our Turkish online system sales growth was a strong 18.2% after inflation adjusted numbers. We retain a fundamental commitment to ensuring franchisees remain profitable. Result, franchise demand for both Domino's Pizza and COFFY continues to be very healthy. We have a strong pipeline and remain confident that 2023 will be another solid year for network expansion. Our total number of stores is 856. We have opened 41 stores last year, Domino's Pizza stores in Turkey last year. We have right now 658 stores in Turkey. In Azerbaijan, we have 10 stores, and in Georgia, we opened one more stores. Right now, we have six stores in Georgia. Customer demand for COFFY stands very strong, owing to its already proven sales performance. This demand, alongside our ambitious target for 2023, will enable us to add further scale to the business. We are as of the end of April, we have 40 stores in COFFY. We have in the last one year, we have opened 28 COFFY shops. Our system sales in COFFY is 50 million TRY. This is five times higher than last year. Last year, it was 10 million TRY. Other than that, in Russia, the group continues to evaluate its presence in Russia, and as previously announced, is considering various options.... which may include the divestment of its Russian operation. This work on potential transaction is going, there can be no certainty as to the outcome. In the meantime, group continues to limit investment in Russia and remains focused on optimizing the existing store coverage. Total number of stores stood at 142 at period end, compared to 184 year-on-year. All corporate stores were franchised by the end of May. As a result of the optimization process, while the total store count in Russia remains unchanged from period end, cash proceeds from the conversion of corporate stores to franchise stores have been retained within Russia business to maintain the flexibility with the group continues to progress a potential exit from the country. Our liquidity position as of 30 April 2023, is we have TRY 293 million cash and undrawn bank facility of TRY 290 million Turkish liras. Our guidance is being maintained. We are mindful of sustained macroeconomic volatility and inflation. We continue to believe that inflation can be appropriately managed. Management has an excellent track record of mitigating its impact. The risk is, it poses to overall growth level remains. Our full year guidance is as follows: We are targeting to open 35-40 stores in Domino's, 50-60 stores in COFFY, our targeted capital expenditure will be TRY 160 million. Overall, we are pleased with the good start to the year. We'll continue to deliver on our targeted strategy in order to make the most of what continues to be significant growth opportunity. Thank you for listening to us. If you have any further questions, we'll be happy to answer. Thank you, sir. Ladies and gentlemen, we now begin the question and answer session. Should you have a question, please press star followed by one on your touchtone phone. Should you wish to decline from the polling process, please press star followed by two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Wayne Brown with Liberum. Please go ahead, Wayne. Morning, Aslan. Hope you're well. Good start to the year, congrats on that. I just wanted to ask about the fundamental health of the franchisees and clearly operating in a very high inflationary environment. Clearly, there's a lot of appetite for stores. Are they funding it out of their own cash? Are they getting access to capital? How much runway do you think you have over the next few years, considering the inflationary backdrop? Thanks. I mean, in Turkey, last two years, although we had a high inflation, the government made a lot of possible alternatives for the small business owners. They give them credit lines with low interest rates. That helped to grow our business. On, in the meantime, we still have some franchisees who are opening stores in cash. We believe we can maintain our guidance, you know, as you may know, in the hyperinflation environment, people prefers to invest on goods, on businesses, because putting your money in banks is, could be, negative because of the low interest rates. Yeah. Our, our paybacks are still strong. You know, our franchisees can get their payback in Domino's in three to four years. This is still a good return for our franchisees, so we believe we will keep on opening the guided number of stores. Aslan, has the environment brought in a whole raft of new franchisees, or are you starting to see your existing franchisees kind of double down on future investment? And second to that, have Domino's franchisees opened up coffee stores, or have you kept the franchisees kind of separate? I mean, we have both, you know, because we are in all the cities of Turkey right now. We are in 81 cities. Right. - our existing franchisees are opening. We have new, I mean, it's not a different scenario than the previous years, I might say. Of course, we have. I mean, a lot of, some of our new franchisees are store managers, so there are some store managers who are opening, becoming our franchisees. So we have now 40 stores, and most of the, I mean, out of 40 stores, 11 of them is corporate stores. Remaining franchisees are single franchisees, single operator owners. We have a couple of them who owns two or three stores. To your question, we have few, like, two, three Domino's franchisees who opened coffee stores also. I mean, we don't have a, you know, strong strategy about it. You know, we look at the candidate. Location is very important in coffee business, so we give our decision with the location. You know, our main focus in Domino's is to open Domino's stores, of course. Sure. Okay, thank you very much, and well done again. Thank you. Thank you. Ladies and gentlemen, as a final reminder, should you have any questions, please press star one. Your next question comes from Anubhav Malhotra with Liberum. Please go ahead. Hi, Aslan. I just had one question. That's on your Russian business. I just want to understand what's the current state in terms of the profitability and the cash generation of the business. You have put in a lot of effort to fix it. Is it now in a profitable state and that it generates its own cash and is self-sufficient? You're asking for coffee? For Russia. Russia. Now Russia, we are trying to manage Russia in terms of cash flow right now. We are, as you know, we are not making any investment or any growth attempt in Russia. The business is running by itself. I will say the effect of Russian business to our system is very, very minimal. Yeah. Thank you. Thank you. There are no further questions at this time. Mr. Saranga, back over to you. Thank you for listening to us. We'll be happy to hear you again our next trading results on half year results. Thanks for listening to us. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.