Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — 9M 2015 Earnings Presentation
23 slides from Migros Ticaret A.s's earnings presentation, 2015
Slide 1: Migros Ticaret A.Ş. 9M 2015 Financial Results
Migros Ticaret A.Ş. 9M 2015 Financial Results
Slide 2: Disclaimer Statement
Disclaimer Statement Migros Ticaret A.Ş. (the “Company”) has prepared this presentation for the sole purpose of providing information about its business, operations and financial results. The informaation in this presentation is subject to updating, revision and amendment. The information in this pr
Slide 3: Contents
CONTENTS Sales Expansion Financial Key Financial Overview Metrics Ataşehir Migros Recent Guidance Developments Financial Format Results Summary 2
Slide 4: Sales in 9M 2015
Sales in 9M 2015 Strong domestic growth of 16.9% in 9M 2015, Consolidated sales reached TL 7,012 million in 9M 2015 corresponding to yearly 16.2% growth, Strong top-line performance driven by both new and existing stores Quarterly Sales (TL million) YTD Sales (TL million) 2,642 7,012 2,295 6,032 3Q
Slide 5: Market Share Evolution
Market Share Evolution Strong market share in FMCG FMCG Market Share Evolution Migros Market Share (%) Market share gain in 9M15 20 bps 14.7% 14.4% 14.5% Market share in total FMCG 5.6% 5.5% 5.5% 5.6% 9M 2013 9M 2014 9M 2015 Migros improved its market share in modern FMCG In total FMCG market In m
Slide 6: Expansion
Expansion Net Sales Area Split By Banner - 3Q 2015 New store openings in 3Q15 67 New store openings in 9M15 190 Small/mid/large supermarkets Y-o-Y Net store addition 224 New store openings in 2014 199 Compact hypermarkets Number of Stores as of 3Q15 1,352 Small/mid/large supermarkets Number of Sto
Slide 7: Financial Overview: Gross Profit in 9M 2015
Financial Overview: Gross Profit in 9M 2015 Solid Gross Profit Generation Gross profit increased by 17.2% y-o-y to TL 1,877 million with a margin of 26.8% in 9M 2015, Both volume and price competitiveness improved, Sustainable gross margin despite intensifying competition over the years, Quarterly G
Slide 8: Financial Overview: EBITDA(R) in 9M 2015
Financial Overview: EBITDA(R) in 9M 2015 Solid EBITDA(R) Generation EBITDA grew by 14.6% y-o-y to TL 453 million, and EBITDAR by 16.6% y-o-y to TL 807 million in 9M 2015. Quarterly EBITDA* (TL million) YTD EBITDA* (TL million) 186 453 163 395 3Q 2014 3Q 2015 9M 2014 9M 2015 Margin 7.1% 7.0% Margin 6
Slide 9: Key Financial Metrics
Key Financial Metrics Sustainable Sales Growth Sustainable EBITDA generation CAGR: 13.0% CAGR: 10.9% (mn TL) (mn TL) Sales EBITDA (*): excluding divested operations (*): excluding divested operations Stable Negative Cash Conversion** Net Debt/EBITDA LTM 4.0x 4.0x 3.4x Working Net Debt / 3.2x 2.9x Ca
Slide 10: Recent Developments: Anadolu Endüstri Holding's acquisition of Migros shares
Recent Developments Anadolu Endüstri Holding’s acquisition of 40.25% Migros shares Recent Shareholding Structure Anadolu Endüstri Holding A.Ş. ("AEH") indirectly acquired 40.25% Anadolu Group Migros shares through purchasing 80.50% of MH Perakendecilik ve Operating in 10 different sectors in T.A.Ş
Slide 11: Recent Developments
Recent Developments Conversion of some Tansas Stores Migros’s focus on healthy and fresh products falling under good agricultural practices, and its price investment in Migros private labels affected household penetration positively, The evolution of this policy impacted the Aegean regional sales pe
Slide 12: Guidance 2015
Guidance 2015 .Sales growth : Double digit sales growth EBITDA margin : Full year EBITDA margin range 6.0% – 6.5% .Expansion target : Revised to 225+ new stores Double digit 225+ sales growth new stores Full year EBITDA margin range 6.0% - 6.5% 11
Slide 13: Financials & Format Summary
Financials & Format Summary - Financials - Operations
Slide 14: Summary of Income Statement – 9M 2015
SUMMARY OF INCOME STATEMENT – 9M 2015 IFRS Consolidated Income Statement Summary (TL Million) 9M 2015 9M 2014 Net Sales 7,011.5 6,032.3 Cost of sales -5,134.9 -4,430.4 Gross Profit 1,876.7 1,601.8 Operating Expenses -1,592.6 -1,358.2 Other Operating Income / (Expense) -68.4 -63.4 Operating Profit 21
Slide 15: Summary of Balance Sheet – 9M 2015
SUMMARY OF BALANCE SHEET – 9M 2015 IFRS Consolidated Balance Sheet Summary (TL Million) 9M 2015 2014 Current Assets 2,236.6 1,723.3 Non-current Assets 3,781.8 3,857.3 Total Assets 6,018.4 5,580.6 Current Liabilities 2,787.7 2,779.8 Non-current Liabilities 2,779.6 1,892.0 Total Liabilities 5,567.3 4,
Slide 16: Migros Today
Migros Today Since 1954 Largest national supermarket operator − Operates 1,352 stores across 71 cities in Turkey as well as in Kazakhstan and Macedonia, as of September 30, 2015 − 14.7% market share in organized grocery FMCG retail sales in Turkey¹ Consistent double digit sales growth2 since 200
Slide 17: Migros
Migros Largest National Supermarket Chain Number of stores: 1208* ─ (40*-3,000) sqm / (1,800* – 18,000) SKUs ─ Broad variety of fresh food products ─ Wide branded assortment of FMCG products ─ Modern, fashionable, complementary and seasonal non- food selection CRM applications for different cust
Slide 18: Migros Jet
Migros Jet Fastest growing proximity stores Store size between 40*-300 sqm, 428 stores as of September 2015 Between 1,800* and 3,000 SKUs ─ Consistent Every Day Low Pricing on commodity Private Label product lines ─ Differentiated offering and service including rich fresh assortment ─ Large vari
Slide 19: Tansaş
Tansaş Regional brand in the west coast Number of stores: 42 150-1,500 sqm / 3,000 – 15,000 SKUs Penetration: 5 cities 18
Slide 20: Macrocenter
Macrocenter Exclusive shopping Number of stores: 32 400 - 2,500 sqm / 10,000 SKUs ─ Upscale gourmet store serving with strong brand loyalty ─ Wide product range in delicatessen, appetizers and spirits. Premium quality in fresh products ─ Complementary and premium non-food Customized service su
Slide 21: 5M Migros
5M Migros Lowest prices and wide assortment Number of stores: 23 Average size 4,500 sqm / 25,000 SKUs ─ Wide product range; rich FMCG and non-food assortment ─ N/F product portfolio focusing on kids & women; especially kitchenware & household textile, toys and cosmetics ─ Competitive pricing 2
Slide 22: Wholesale & Food Service
Wholesale & Food Service Focus on Horeca Penetration Currently operating in 7 regions through dedicated sales team. Dedicated warehouses and customer delivery Penetration: 7 regions 21
Slide 23: International Operations
International Operations Kazakhstan Macedonia Number of stores: 28, including 4 hypermarkets, 22 Number of supermarkets: 19 supermarkets and 2 Macrocenter. Owns 1 shopping mall in Almaty Owns 1 shopping mall in Skopje Total sales area of 48,392 sqm Total sales area of 16,383 sqm ─ Serving