Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — H1 2011 Earnings Presentation
13 slides from Migros Ticaret A.s's earnings presentation, August 2011
Slide 1: 1H 2011 Financial Results
1H 2011 Financial Results August 2011 Migros Ticaret A.Ş.
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 information in this presentation is subject to updating, revision and amendment. The information in this pre
Slide 3: Contents
CONTENTS 1 - Financial Overview 2 - Quarterly Financial Highlights 3 - Net Profit / Loss 4 - Net Debt 5 - Operational Update 6 - Şok Divestiture 7 - Expansion 8 - Guidance
Slide 4: Financial Overview 1H 2011 – Excluding Discount Operations
1 - FINANCIAL OVERVIEW 1H 2011 – EXCLUDING DISCOUNT OPERATIONS Consolidated sales 10.8 % higher than last year Consolidated Sales (TL million) • Supermarkets and hypermarkets maintained their rapid level of growth 6,365 • International operations generated TL 157m sales in 1H 11, Kazakhstan operatio
Slide 5: Quarterly Financial Highlights
2 - QUARTERLY FINANCIAL HIGHLIGHTS Quarterly Sales Analysis Quarterly Consolidated Sales (TL million) +10.3% +11.2% • Double digit sales growth in both quarters 1,271 1,369 1,152 1,231 1Q 10 1Q 11 2Q 10 2Q 11 Quarterly Gross Profit Analysis Quarterly EBITDA Analysis • Gross profit improvement realize
Slide 6: EBITDA to Net Profit/Loss Bridge
3 - EBITDA TO NET PROFIT/LOSS BRIDGE 1H 2011 (TL million) 173 -75 -56 -296 -327 -46 -27 EBITDA Depreciation Net (Non-Cash) Discontinued Tax Net Loss & Other Financial Net FX Operations Expense Expense Loss 3
Slide 7: Net Debt and Its Forex Sensitivity
4 - NET DEBT AND ITS FOREX SENSITIVITY Increase in the TL value of forex liabilities due to TL depreciation • By the end of June 2011, Turkish lira lost 14.6% versus EUR since the beginning of the year resulting in net foreign exchange non-cash loss of approximately TL 296m (FX loss: TL 348m, FX gai
Slide 8: Operational Update - Focusing on Core Business
5 - OPERATIONAL UPDATE - FOCUSING ON CORE BUSINESS Double-digit top line growth Consolidated Sales (TL million) +10.8% • Migros continues to generate double digit top line growth after exclusion of discount operations 2,640 2,384 • Focus on Fresh Categories • Focus on Private Label products in basic
Slide 9: Şok Divestiture Is Completed
6 - ŞOK DIVESTITURE IS COMPLETED • Permission for Şok sale is granted by the Competition Board • Şok’s assets (inventories, fixed assets & rental contracts) are transferred to Şok Marketler T.A.Ş. • Share transfer, i.e. Closing is completed as at 25 August 2011 6
Slide 10: Expansion
7 - EXPANSION Store Openings • In 1H 11, 30 Supermarkets, and 2 Hypermarkets are Number of Stores - Turkey opened domestically. 664 608 • In total, 142 Tansaş stores were converted to Migros SPM stores. The conversion process, which started in 4Q 2010 HPM was completed in April 2011. 8 13 1H 10 1H 1
Slide 11: Guidance
8 - GUIDANCE Migros accelerating organic growth without discount operations New Store Openings - 2011 Number of Stores 2010 A Previous Investment New Investment 2011 E Year End Program (Budget) Program Year End Hypermarket 11 3 4-5 15-16 Supermarkets 637 40-45 60-65 697-702 Total 648 43-48 64-70 712
Slide 12: Guidance: Supermarket Growth Target Is Doubled
8 - GUIDANCE: SUPERMARKET GROWTH TARGET IS DOUBLED • On the top of existing supermarket expansion plan Migros is introducing small supermarket configurations widening the previous size range of 400-2,500 sqm to 150-2,500. • The Company has been testing various small supermarket configurations in the l
Slide 13: Guidance
8 - GUIDANCE Sales Revenue: Double digit sales growth Gross Profit: Gross margin within the range of 25.5 – 26.0% EBITDA Margin: EBITDA margin between 6.0 – 6.5% as year-end target Net Debt: Net debt estimation is TL 1.5-1.6 billion for 2011 with the Euro currency assumption of TL 2.45 including Şok