Bim Birlesik Magazalar A.s. · BIST:BIMAS
Bim Birlesik Magazalar A.s — Q3 2022 Earnings Presentation
24 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2022
Slide 1: Q3|22 Financial Results
Q3|22 FINANCIAL RESULTS 1
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
Slide 3: Highlights, Operational Performance, Financial Performance, Q&A
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 3
Slide 4: Headlines of Key Figures for Q3 2022
HEADLINES of KEY FIGURES for Q3 2022 41,0 TL billion 63% PL share vs. Sales (+135% YoY) 64% in 2Q 2022 (65% in 3Q 2021) 1.319 TL million 11.274 total stores CAPEX at 3,2% of sales 209 new stores in 3Q 2022 2.865 TL million EBITDA 1.775 TL million Net Income (7,0% margin and 90% YoY) (4,3% margin,101
Slide 5: Highlights, Operational Performance, Financial Performance, Q&A
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 5
Slide 6: Like for Like Sales Increase (BIM Türkiye)
LIKE FOR LIKE SALES INCREASE (BIM TÜRKİYE*) QUARTERLY 9 MONTHS 2021 Q3 2022 Q3 CHANGE 9M 2021 9M 2022 CHANGE Like-For-Like Sales Like-For-Like Sales 20.162 43.851 117,5% 19.704 36.857 87,1% (per store/per day (TL)) (per store/per day (TL)) Like-For-Like Basket Like-For-Like Basket 36,26 73,10 101,6%
Slide 7: Expansion
EXPANSION Total Türkiye (Inc. File) Other 3Q22 10.358 916 11.274 • Store growth 9% YoY 2Q22 10.159 906 11.065 • New opening in 3Q22 = 209 1Q22 9.886 892 10.778 4Q21 9.611 878 10.489 3Q21 9.456 874 10.330 7
Slide 8: CAPEX
CAPEX 3,2% 3,2% 3,1% 3,2% 3,2% 3,0% 3,0% 1.319 3.254 1.081 853 1.620 532 607 3Q21 4Q21 1Q22 2Q22 3Q22 9M 2021 9M 2022 Capex Capex to sales Capex Capex to sales • 2 new warehouses opened in 9M22 and 2 more under construction. • Increased construction costs. 8
Slide 9: Highlights, Operational Performance, Financial Performance, Q&A
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 9
Slide 10: Net Sales & Gross Profit
NET SALES & GROSS PROFIT 135% y-y 18,8% 19,9% 18,5% 18,0% 17,7% 41.026 34.030 7.247 27.267 6.132 20.405 5.056 17.457 3.282 4.055 3Q21 4Q21 1Q22 2Q22 3Q22 3Q21 4Q21 1Q22 2Q22 3Q22 Revenues (TRY m) Gross Profit (TRY m) Gross Margin 104% y-y 18,7% 18,0% 102.323 18.434 50.122 9.359 9M 2021 9M 2022 9M 20
Slide 11: Revenue Breakdown
REVENUE BREAKDOWN BY FORMAT AND GEOGRAPHY (3Q22) BY CATEGORY* (3Q22) Branded; FİLE; 3,8% Private 29,1% BİM-TR; 90,3% Label; 62,8% BİM-MOROCCO; 4,7% BİM-EGYPT; 1,2% Spot; 6,6% Exclusive; 1,5% *BİM Türkiye 11
Slide 12: OPEX Management
OPEX MANAGEMENT 14,00% 13,50% +2bp +16bp -8bp %12,71 +41bp 13,00% -2bp 12,50% -94bp +4bp %12,31 12,00% 11,50% 11,00% 10,50% 10,00% 3Q21 OPEX 3Q22 OPEX Other Advertising costs Personnel expenses Vehicles fuel & D&A Utility Expense Packaging Expenses maintenance expense % of revenues: 3Q21 7,06% 1,06%
Slide 13: EBITDA & EBIT
EBITDA & EBIT 8,0% 5,4% 10,4% 6,1% 6,3% 6,4% 8,6% 8,4% 8,1% 7,0% 2.169 2.199 2.769 2.865 1.631 1.728 2.131 2.284 1.063 1.510 3Q21 4Q21 1Q22 2Q22 3Q22 3Q21 4Q21 1Q22 2Q22 3Q22 EBITDA (TRY m) EBITDA Margin EBIT (TRY m) EBIT Margin 8,7% 6,1% 7,7% 6,0% 7.918 6.096 4.350 3.047 9M 2021 9M 2022 9M 2021 9M
Slide 14: Net Income
NET INCOME 5,1% 4,9% 4,9% 4,3% 3,1% 4,6% 4,7% 1.676 1.775 1.342 4.793 884 2.294 639 3Q21 4Q21 1Q22 2Q22 3Q22 9M 2021 9M 2022 Net Income (TRY m) Net Margin Net Income (TRY m) Net Margin 101% y-y increase in 3Q22 109% y-y increase in 9M22 14
Slide 15: Cash Flow Bridge
CASH FLOW BRIDGE 12 1.319 2.803 1.465 600 53 1.656 1.116 (million TL) Cash position Funds from Change in NWC CAPEX Other inv. Lease payment Other Cash position (2Q22) operations Activities (3Q22) % of revenues: 3Q21 4,9% 5,4% -3,0% -4,6% -2,2% 0,2% 3Q22 6,8% 0,0% -3,2% -3,6% -1,5% 0,1% 15
Slide 16: Foreign Operations
FOREIGN OPERATIONS BIM Morocco BIM Egypt 610 Stores 306 Stores 3 Logistic 2 Logistic Centers Centers The 4th warehouse is under construction. The improvement contiues. 16
Slide 17: FİLE
FİLE • 192 stores in 24 cities. 32 new stores in 9M22. 192 Stores • FİLE online shopping platform operates with 49 stores, of which one of them is dark store. 3 Logistic Centers • Online sales form 4% of FİLE’s revenues. • 33% share of Private Labels within FİLE’s total sales. 17
Slide 18: Highlights, Operational Performance, Financial Performance, Q&A
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 18
Slide 19: Q&A
Q&A 19
Slide 20: Appendixes: IFRS Statements
Appendixes IFRS Statements 20
Slide 21: IFRS Income Statement
IFRS INCOME STATEMENT 9 months ended 30 September 3 months ended 30 September TL million Change % Change % 9M 2021 9M 2022 Q3 2021 Q3 2022 9M 21 / 9M 22 Q3 21 / Q3 22 Net Sales 50.122 102.323 104% 17.457 41.026 135% COGS (40.763) (83.889) 106% (14.175) (33.779) 138% Gross Profit 9.359 18.434 97% 3.2
Slide 22: IFRS Income Statement (w/o IFRS 16)
IFRS INCOME STATEMENT (w/o IFRS 16) 9 months ended 30 September 3 months ended 30 September TL million 9M 2021 9M 2022 Change % Q3 2021 Q3 2022 Change % Without IFRS16 Without IFRS16 9M 21 / 9M 22 Without IFRS16 Without IFRS16 Q3 21 / Q3 22 Net Sales 50.122 102.323 104% 17.457 41.026 135% (COGS) (40
Slide 23: IFRS Balance Sheet
IFRS BALANCE SHEET As of 30 September TL Million 2021 2022 Intangible Assets 43 92 Tangible Assets 7.308 10.098 Right of Use Assets (IFRS 16) 6.521 9.402 Financial Investments (Long term) 523 978 Other Non-Current Assets 350 671 Total Fixed Assets 14.745 21.240 Trades Receivable 2.876 7.554 Financia
Slide 24: IFRS Cash Flow
IFRS CASH FLOW 9 months ended 30 September 3 months ended 30 September TL million 9M 2021 9M 2022 Q3 2021 Q3 2022 Net Income 2.309 4.805 892 1.778 D&A 1.303 1.822 448 666 Non Cash Tax Expense 563 1.120 100 368 Other Non-Cash Items 297 1.316 (204) 474 Funds From Operations 4.472 9.063 1.236 3.286 Cha
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