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At the annual general meeting on 21 May 2013, the shareholders of the company Indeks Bilgisayar (Indeks), leader of the Turkish IT distribution market, voted to pay out dividends from profits for 2012 in the amount of 0.246 Turkish lire per share. MCI Management who indirectly owns 20% shares in Indeks will receive approximately 5 million PLN (at the exchange rate of 1 Turkish lira = 1.76 PLN).

At yesterday’s general meeting, the shareholders of Turkish company, Indeks, decided on distribution of the company’s net profit for 2012. Net profit for the previous year will be distributed as dividend in the amount of 0.246 Turkish lira per share. Dividend payout was scheduled for 30 May.

When announcing its forecast financial results, which assumed generating 90 million consolidated net profit in 1H 2013, MCI Management informed that one of the conditions of meeting its financial plans is receiving dividend from the Turkish Indeks. As a result of the decision of the general meeting, MCI Management who owns 20% of the Turkish distributor (11,200,000 shares) through its subsidiary company Alfanor, could generate revenue worth 4.9 million PLN. Revaluation of acquired assets can also positively impact the fund’s results. The share price of Indeks at the end of the trading session on 21st of May 2015 was 4.97 TRY, i.e. more than 14% higher than the maximum price (4.35 TRY) at which MCI management committed to purchase Indeks shares. Turkish brokerage house analysts forecast this year the company’s share price may go up to even 10 Turkish lira per share.

21 May 2013, MCI informed about finalizing its investment in the company Indeks Bilgisayar, the unquestioned leader of the Turkish IT distribution market. MCI Management signed the final acquisition agreement for 20% shares in Indeks Bilgisayar (11,200,000 shares) with Erol Bilecik, the founder, majority shareholder and President of the Board of Directors upon receiving appropriate permissions from Turkish authorities (permit from Turkish Competition Authority) and corporate approvals. The payment is to be made in tranches, with the first one made on 21 May at a significant discount against market price. The total value of the transaction will depend upon fulfillment of the Indeks company’s ambitious forecasts for 2013-2014 and could reach as much as 85.7 million PLN. The entity acquiring shares from Erol Bilecik is Alfanor 13131 AS, a subsidiary of the subfund MCI.EuroVentures 1.0.

– MCI expects the value of acquired shares to grow as a result of the company’s development on a highly prospective market and constant dividend revenue, as Indeks is one of the largest dividend payers on the Turkish stock exchange – said Tomasz Czechowicz managing partner of MCI Management. – The transaction will have positive impact on MCI results in 1H 2013, when we forecast to generate 90 million consolidated net profit – he added.

Execution of this large buyout investment will positively influence MCI portfolio stability. As part of the commitment to the project, upon MCI’s recommendation the Supervisory Board and the Advisory Committee welcomed Tomasz Czechowicz and Fabian Bohdziul (MCI Management) as well as Ulrich Kottmann (the current president of the supervisory board of ABC Data SA), who will actively support the company’s development.

About Indeks

Since 2001, the company is the unprecedented leader in IT equipment sales on the local market with about 27% market share and annual revenue of over USD850 million, that is twice the size of the next largest competitor. Indeks is also the eighth largest ICT company in Turkey. It cooperates with nearly 8500 business partners. Since 2004, Indeks is listed on the Istanbul Stock Exchange

The company’s results

In Q1 2013, Indeks generated revenue of 691.1 million PLN (at the exchange rate: 1 TRY = 1.76 PLN) against 559.8 million PLN the previous year, meaning growth of 23%. Gross sales revenue and EBIT in Q1 2013 were 40.5 million PLN and 24.4 million PLN respectively, with y/y growth of 27% and 72% respectively. EBITDA in that period was 25.1 million PLN against 14.7 million PLN the year before (71% growth).

Tab. Indeks results