Bim Birlesik Magazalar A.s. · BIST:BIMAS

Bim Birlesik Magazalar A.s — FY2017 Earnings Presentation

23 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2018

  1. Slide 1: Results Presentation for the 12 months to 31 December 2017

    RESULTS PRESENTATION For the 12 months to 31 December 2017

  2. Slide 2: Notice

    NOTICE The information contained in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither t

  3. Slide 3: Headlines

    HEADLINES BIRLESIK MAGAZALARAS.

  4. Slide 4: Headlines for 2017

    HEADLINES FOR 2017 24,8 TL billion 1.296 TL million 609TL million CAPEX Sales (+23,5% YoY) EBITDA (30% YoY) at 2,5% of sales Expected net sales Strong EBITDA and Continued in 2017 profit margins Expansion 824 TL million 863 TL million 6.765 total stores Free Cash Generation (27% YoY) (29 % YoY) Net

  5. Slide 5: Figures

    FIGURES 'BIM| BIRLESIK MAGAZALARAS.

  6. Slide 6: Annual/Quarterly Net Sales and Gross Profit

    ANNUAL/ QUARTERLY NET SALES AND GROSS PROFIT Net Sales, Annually (TL million) Net Sales, Quarterly (TL million) 2017A 4Q17 6.597 24.779 3Q17 6.263 2016A 20.071 2Q17 6.213 2015A 17.428 1Q17 5.707 2014A 14.463 4Q16 5.234 2013A 11.848 Gross Profit, Annually (TL million) Gross Profit, Quarterly (TL mill

  7. Slide 7: Annual/Quarterly EBITDA and EBIT

    ANNUAL/ QUARTERLY EBITDA AND EBIT EBITDA and EBIT Annually (TL million) EBITDA and EBIT Quarterly (TL million) 2017 1.296 4Q17 324 1.039 258 2016 997 3Q17 343 783 276 2015 865 2Q17 325 697 261 2014 619 1Q17 304 482 244 2013 596 4Q16 260 485 201 EBITDA EBIT EBITDA EBIT EBITDA Margin EBITDA Margin 201

  8. Slide 8: Annual/Quarterly Net Income

    ANNUAL/ QUARTERLY NET INCOME Net Income, Annually (TL million) Net Income, Quarterly (TL million) 2017A 863 4Q17 222 2016A 671 3Q17 227 2015A 583 2Q17 217 2014A 395 1Q16 198 2013A 413 4Q16 193 Net Income Margin Net Income Margin 2013 2014 2015 2016 2017 4Q16 1Q17 2Q17 3Q17 4Q17 3,5% 2,7% 3,3% 3,3% 3

  9. Slide 9: Free Cash Flow

    FREE CASH FLOW Free Cash Generation, Annually (*) (TL million) 2017A 824 2016A 647 2015A 300 2014A 135 2013A 222 Free Cash Flow % of Sales (%) 2013A 2014A 2015A 2016A 2017A 1,9% 0,9% 1,7% 3,2% 3,3% FCF (YoY) 27% (*) : Cash flow before dividend and other financial activities 9

  10. Slide 10: Like for Like Sales Increase

    LIKE FOR LIKE SALES INCREASE BIM TURKEY Annual Quarterly 2016A 2017 A CHANGE 2016 Q4 2017 Q4 CHANGE Like-For-Like Like-For-Like Sales (per store/per 10.165,2 11.561,9 13,7% Sales (per store/per 10.159 11.804 16,2% day -TL) day -TL) Like-For-Like Like-For-Like 14,77 16,45 11,4% 14,91 16,93 13,5% Bask

  11. Slide 11: Product Categories

    PRODUCT CATEGORIES SPOT 4,6% SPOT BRANDED 4,2% BRANDED 21,8% 22,2% 2017 2016 EXCLUSIVE EXCLUSIVE BIM TURKEY 6,2% BIM TURKEY 5,2% PRIVATE PRIVATE LABEL LABEL 67,4% 68,4% Total Number of Products (SKU) Other Operations PL Share in Sales BİM Format ~700 Morocco 29% FİLE Format ~4.000 – 4.500 Egypt 10%

  12. Slide 12: Low-Capex Business Model

    LOW-CAPEX BUSINESS MODEL 2017 CAPEX Breakdown Annual Capex (ml TL) & % of Net Sales 16% 2,9% 2,9% 2,8% 2,5% 2,1% 41% 17% 609 562 499 412 26% 246 New Store Openings New Warehouse & Land Acquisitions Store Maintenance 2013A 2014A 2015A 2016A 2017A Warehouse Maintenance Annual CAPEX % of Net Sales 12

  13. Slide 13: Earnings and Dividend

    EARNINGS AND DIVIDEND Earnings Per Share & Dividends Per Share in Gross (TL) Dividend Payout Ratio (%) 2017A * 2,85 2017A * 2016A 68 2015A 57 2,21 2016A 2014A 69 1,5 2013A 58 1,92 2015A 1,1 Dividend Yield (%) 1,30 2014A 2017A * 0,9 2016A 2,2 1,36 2015A 2,0 2013A 0,8 2014A 1,7 2013A 1,7 Earnings Per

  14. Slide 14: Efficient Use of Operating Leverage and Cost Control

    EFFICIENT USE OF OPERATING LEVERAGE and COST CONTROL 2016 SG&A Analysis, TL million 2017 SG&A Analysis, TL million 4.225,4 1.559,1 3.363 1.274,2 509,4 620,9 135,1 111,3 119,6 146,1 351,5 468,7 997,0 1.295,5 256,5 213,7 783,3 1039,0 % of Sales % of Sales +16,8 -6,3 -2,5 -0,6 -0,6 -1,8 +5,0 -1,1 +3,9

  15. Slide 15: Strong Store Growth Continues

    STRONG STORE GROWTH CONTINUES Total Number of Consolidated Stores 2017A 647 6.765 * 2016A 544 6.167 * 2015A 419 5.400 * 2014A 304 4.806 * 2013A 199 4.199 * 382 265 44 329 215 21 Stores by Formats 2017 - 2016 6.074 5.602 BİM Morocco Egypt FİLE BİM Morocco Egypt FİLE Note (*): Total number of consolid

  16. Slide 16: Foreign Operations & FİLE Highlights

    FOREIGN OPERATIONS & FİLE HIGHLIGHTS MOROCCO EGYPT • 53 Stores opened in 2017, by 31 December • 50 stores opened in 2017, by 31 December 2017 we have 382 stores to date 2017 we had 265 stores • Our target is to open 60 new stores in 2018 • Focus on store efficiency and planning to • Positive EBITDA

  17. Slide 17: Foreign Operations - Contributions

    FOREIGN OPERATIONS - CONTRIBUTIONS Contribution to Consolidated Sales Contribution to Consolidated EBITDA 2016-2017, TL million 2016-2017, TL million 1.045 -33 820 -41 24.779 1.329 23.734 1.296 19.251 20.071 1.038 997 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 Domestic Foreign Total

  18. Slide 18: Targets vs Actual and Looking Ahead to 2018

    TARGETS vs ACTUAL and LOOKING AHEAD to 2018 2017 2017 2018 TARGET ACTUAL TARGET SALES GROWTH (%) 20% to 23%(*) 23,5% 20%+ EBITDA MARGIN (%) 5,0% (+-50 bps) 5,2 5,0% (+-50 bps) CAPEX mil TL ~ 500 609 ~750 CONSOLIDATED NEW ~ 635 598 ~730 STORE OPENINGS BİM Turkey ~500 472 ~600 Morocco ~60 53 ~60 Egypt

  19. Slide 19: Thank you / Q&A

    Q&A Thank you very much for listening and I would now like to open the discussion for Q&A session! 19

  20. Slide 20: Appendix: IFRS Financials

    APPENDIX Q & A IFRS Financials 20

  21. Slide 21: IFRS Income Statement

    IFRS INCOME STATEMENT 3 months ended 31 December 12 months ended 31 December TL million 2016 2017 Change 2016 2017 Change Net Sales 5.233,7 6.597,1 26,1% 20.071,7 24.779,4 23,5% (COGS) (4.352,9) (5.497,5) 26,3% (16.708,7) (20.554,0) 23,0% Gross Profit 880,8 1.099,6 24,8% 3.363,0 4.225,4 25,6% Total

  22. Slide 22: IFRS Balance Sheet

    IFRS BALANCE SHEET As at 31 December TL million 2016 2017 Intangible assets 7,4 13,2 Tangible assets 2.090,8 3.057,7 Financial Investments (long term) 193,4 309,7 Other non-current assets 42,9 42,5 Total fixed assets 2.334,5 3.423,1 Trades receivable 645,5 877,4 Inventories 1.119,0 1.456,2 Prepaymen

  23. Slide 23: IFRS Cash Flow

    IFRS CASH FLOW 3 months ended 31 December 12 months ended 31 December TL million 2016 2017 2016 2017 Net Income 193,2 221,6 670,9 863,0 D&A 58,3 66,1 213,7 256,5 Non cash tax expense 48,1 57,4 178,3 232,9 Other non-cash items (3,6) (49,7) 28,2 16,1 Funds from operations 296,0 295,4 1.091,0 1.368,5 C

BİM Birleşik Mağazalar A.Ş. — FY2017 Earnings Presentation on 6ix