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 am pleased to present Aslan Saranga. Please go ahead with your meeting. Good morning, everybody. Welcome to our trading update for the year ended 31st December 2022. Our group system sales increased by 13.1%. This is inflation-adjusted number. Pre-inflation-adjusted, 77%. Reflecting our ongoing focus on network expansion, strategic pricing, and product innovation, as well as excellent growth and demand from our coffee proposition. Our good performance in Turkey was delivered against a strong prior year comparatives. While operating in a sustained inflation environment, our Turkish like-for-like performance caught up with inflation when adjusted for last year's VAT advantage. Our last year, 2021, I mean, 2021, inflation-adjusted like-for-like in Turkey was 25.9%. 2022 like-for-like is -5.6%. I would like to remind you that 2021 inflation VAT advantage was 7%. Our online delivery system sales increased to 83%. 2021 was 77%. This is 6 percentage better than 2021. As a share of delivery system sales reflecting our robust positioning for the online ordering channel. Our group online system sales grew by 15%. Turkish online system sales growth was 1.6% inflation-adjusted. Russian online system sales growth was 77%. Turkish net new store openings of 48 for Domino's Pizza Turkey, higher than previously guided range of 30-40 for 2022, reflects strong demand and maintain network expansion momentum, building on the record year in 2021. Additionally, the group opened two new stores in Georgia, bringing the total number of stores to six in the country. The coffee network this year increased by 21 stores to reach 29 with solid ongoing franchise demand. The group continues to evaluate its presence in Russia and as previously announced, is considering various options which may include a divestment of its Russian operations. This work on potential transaction is ongoing. There can be no certainty as to the outcome. In the meantime, the group continues to limit investment in Russia and remains focused on optimizing the existing store coverage. Following the closure of 29 stores over the course of 2022, the number of Russian stores stood at 159 as of December, 31st December 2022. Liquidity position as of 31st December 2022 is TRY 368 million cash, TRY 9 million of which relates to the Russian business, and undrawn bank facility of TRY 225 million. The group plans to share formal guidance for the 2023 financial year when it publish its 2022 preliminary results in April. Our trading momentum sustained into the final months of the year as we continued to implement our targeted action plan in reaction to, and in order to overcome micro factors largely outside of our control. As a result, we anticipated adjusted EBITDA for 2022 will come ahead of current market expectations. We have a clear and targeted strategy that has focused on three areas: strategic pricing and product innovation, continued digital innovation, and operational efficiencies to generate sustainable profitable growth. This approach has enabled us to combat the high levels of volatility in the regions in which we operate. The impact of our efforts is visible in terms of volume generation and customer acquisition. Our focus on product innovation is integral, allowing us to present a broad choice to customers who increasingly seek value and affordability amid the inflation environment. One of our new products, Pizzetta, which costs around $1, has become very successful since its launch in Q4 2022. We also introduced a Snacks from the Oven range, completing our suite of value options and highlighting our drive for sustained innovation. In 2022, we continue improving the online proposition of our sales. Digital innovation remains an important enabler for us to enhance the customer experience and further solidify our robust positioning for the online ordering channel. We retain fundamental commitment to ensuring franchisees remain profitable. As a result, franchise demand was very strong in 2022. Our Domino's Pizza network in Turkey grew by net 48 stores. Given our strong pipeline and satisfying franchise interest, we remain confident that 2023 will be another solid year for network expansion. 2022 was the year that our own brand, COFFY, strengthened its presence in Turkish markets. With an accelerated expansion program, having developed multiple store concepts to fit in with the local circumstances. Our COFFY network reached 29 stores in five cities at year-end. Franchise demand currently stands very strong owing to COFFY's proven sales performance. This demand, alongside our ambitious targets for 2023, will enable us to add further scale to our COFFY business. Thank you for listening to us. If you have further questions, we will be happy to answer. Thank you very much. If you do wish to ask a question, please press 01 on your telephone keypads. If you wish to withdraw your question, you may do so by pressing 02 to cancel. There will now be a brief pause while questions are being registered. Our first question comes from the line of Anubhav Malhotra of Liberum. Please go ahead. Hi, Aslan. I have a couple of questions if you don't mind. Yeah. I just wanted to understand your understanding of why the Turkey store demand from franchisees has been higher than historically in the last couple of years. Is it a coincidence that this is happening immediately after the pandemic hit? Do you see a change in the general environment of investment into store, into maybe starting your own businesses, and that is what is benefiting you at this moment? Does it have anything to do with the fact the interest rates are relatively low against an inflation rate, which is very high, and people are trying to secure investments at bank loans at good deals to start these stores? Just your thinking around why this is happening in the last two years, a lot more than what it was happening previously? Okay. Yeah. Let's go for that first, and then I'll ask the second question later. Okay. I mean, actually, you gave half of the answer by yourself. You are right. I mean, I mean, we are constantly delivering. You know, although the inflation is low and inflation is high, we are constantly delivering 3 years payback to our franchisees. In this inflationary and volatile environment, you know, that's a very good result because, you know, it's the macro situation in Turkey is very volatile, and it's very difficult to predict what's going to happen in the next 6 months and 1 year. We are the strongest fast food brand, and people trust our brand, people trust the management. We are also delivering 3 years payback for our franchisee, and that's the main reason for the increasing demand in Turkey. We believe this is going to go next year also. All right. Great. Thank you. Then can I ask on the potential divestment of the Russian operations, would you be comfortable in giving us any intention, intended use of the cash that you may generate from that divestment, whether you would like to reduce the level of debt in the business or maybe invest a bit more behind the COFFY brand? Right now, I mean, this, we are talking to potential investors. It's very difficult for me at the moment to comment on something. As long as, you know, we agree on something, we'll make an announcement. All right. Okay. Those are my questions for now. Thank you. Thank you. Just to remind everyone, if you would like to ask a question, please press zero one on your telephone keypads now. We have no further questions, so I'll hand back to Aslanbey for closing comments. Thank you very much. And thank you for listening to us, and we'll be happy to see you with our year-end results on April. Thank you. Bye-bye. This now concludes our call. Thank you all for attending. Participants, you may now disconnect your lines.
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