Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — FY2014 Earnings Presentation
23 slides from Migros Ticaret A.s's earnings presentation, 2015
Slide 1: Migros Ticaret A.Ş. 2014 Financial Results
Migros Ticaret A.Ş. The first and the only retailer 2014 Financial Results in BIST Sustainability Index
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 Markets Sales Update Expansion Financial Overview Ataşehir MMM Migros Operational Key Financial Overview & Metrics Guidance Financial Format Results Summary Ataşehir MMM Migros 2
Slide 4: Sales in 2014
Sales in 2014 Migros grew by more than 15% in 4Q 2014. Sales turnover was boosted by new store openings and improved performance of existing stores in 4Q 2014. Consolidated sales reached TL 8,123 million in 2014 corresponding to yearly growth rate of 14.0%. Sales (TL million) Quarterly Sales (
Slide 5: Market Share Evolution
Market Share Evolution Strong market share in FMCG Market Share Gain continued in the last 3 consecutive years Migros Market Share (%) Market share gain in 2014 20 bps 14.7% 14.5% 14.0% Market share of FMCG sales 14.7% 5.5% 5.4% 5.5% 2012 2013 2014 Migros improved its market share by 20 bps in 201
Slide 6: Expansion
Expansion Sales Area Split By Banner - 2014 New store openings in 4Q14 64 Small/mid/large supermarkets New store openings in 2014 199 Small/mid/large supermarkets Number of Stores as of 2014 1,190 Compact hypermarkets Number of Stores - Total 1,190 Mid/large supermarkets 1,004 Mid/large supermarkets
Slide 7: Financial Overview: Gross Profit in 2014
Financial Overview: Gross Profit in 2014 Solid Gross Profit Generation Gross profit increased by 14.3% y-o-y to TL 2,166 million with a margin of 26.7% in 2014. Gross profitability was also strong in 4Q2014 with a margin of 26.7%, albeit continued price investments. Gross Profit (TL million) Qua
Slide 8: Financial Overview: EBITDA(R) in 2014
Financial Overview: EBITDA(R) in 2014 Solid EBITDA(R) Generation EBITDA grew by 13.4% y-o-y to TL 532 million, and EBITDAR by 14.9% y-o-y to TL 934 million in 2014. EBITDA* (TL million) EBITDAR* (TL million) 532 934 813 469 2013 2014 2013 2014 Margin 6.6% 6.5% Margin 11.4% 11.5% Quarterly EBITDA*
Slide 9: Key Financial Metrics
Key Financial Metrics Sustainable Sales Growth Sustainable EBITDA generation (mn TL) (mn TL) Sales EBITDA (*): excluding divested operations (*): excluding divested operations Stable Negative Cash Conversion** Net Debt/EBITDA Working Net Debt / Capital EBITDA (*): including divested operations (**):
Slide 10: Operational Overview
Operational Overview Additional Growth Avenues with Proximity Stores Metropolitan Locations High traffic locations at the big cities, Easy to reach, convenient shopping Rich product offering including fresh ranges, #273 stores in 35 cities Traditional Locations Focus on neighborhood stor
Slide 11: Operational Overview: Shopping Experience
Operational Overview: Shopping Experience Good Agriculturel Practices Omni Channel Experience 360° F&V Personalized customer communication across channels Combined Mobile Shopping and Mobile Experience in the store Online Business MONEY Club Card Turkey’s first and leading e- Turkey’s larges
Slide 12: Performance Summary 2014
Performance Summary 2014 Migros sustained a double digit and profitable top-line growth thanks to the effectiveness of its strategies. Number of stores reached 1,190 as of 2014. The company opened 530 new stores in the last 3 years. Performance Performance vs Indicator 2013 Target 2014 Guidance
Slide 13: Guidance 2015
Guidance 2015 .Sales growth : Double digit sales growth EBITDA margin : Full year EBITDA margin range 6.0% – 6.5% .Expansion target : 150 - 200 new stores Present cities Cities not covered 12
Slide 14: Financials & Format Summary
Financials & Format Summary - Financials - Operations
Slide 15: Summary of Income Statement – 2014
SUMMARY OF INCOME STATEMENT – 2014 IFRS Consolidated Income Statement Summary (TL Million) 2014 2013 Net Sales 8,122.7 7,126.9 Cost of sales -5,956.4 -5,232.2 Gross Profit 2,166.3 1,894.7 Operating Expenses -1,838.3 -1,603.3 Other Operating Income / (Expense) -92.7 -55.4 Operating Profit 235.3 236.0
Slide 16: Summary of Balance Sheet – 2014
SUMMARY OF BALANCE SHEET – 2014 IFRS Consolidated Balance Sheet Summary (TL Million) 2014 2013 Current Assets 1,729.2 1,980.7 Non-current Assets 3,864.3 3,815.9 Total Assets 5,593.5 5,796.6 Current Liabilities 2,715.9 2,360.7 Non-current Liabilities 1,958.4 2,605.7 Total Liabilities 4,674.3 4,966.4
Slide 17: Migros Supermarkets
Migros Supermarkets Largest National Supermarket Chain Number of stores: 884* ─ (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 di
Slide 18: Migros Jet
Migros Jet Fastest growing proximity stores Store size between 40*-300 sqm, 273 stores as of December 2014 Room for further concentration in the existing big cities and expansion into others. Migros Jet network reached 35 cities. Between 1,800* and 3,000 SKUs ─ Consistent Every Day Low Pricing
Slide 19: Tansaş Supermarkets
Tansaş Supermarkets Regional leader of the west coast Number of stores: 212 150-1,500 sqm / 3,000 – 15,000 SKUs ─ A strong regional brand & competitive pricing strategy ─ Diverse fresh food emphasis on meat and F&V ─ Friendly service / warm and localized layout Penetration: 6 cities 18
Slide 20: Macrocenter Supermarkets
Macrocenter Supermarkets Exclusive shopping Number of stores: 28 400 - 2,500 sqm / 10,000 SKUs ─ Upscale gourmet store serving with strong brand loyalty ─ Elegant design and store layout ─ Wide product range in delicatessen, appetizers and spirits. Premium quality in fresh products ─ Complementa
Slide 21: 5M Compact Hypermarkets
5M Compact Hypermarkets Lowest prices and wide assortment Number of stores: 24 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 ─ Competiti
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: 27, including 4 hypermarkets, 22 Number of supermarkets: 15 supermarkets and 1 Macrocenter. Owns 1 shopping mall in Almaty Owns 1 shopping mall in Skopje Total sales area of 49,350 sqm Total sales area of 14,713 sqm ─ Serving