Bim Birlesik Magazalar A.s. · BIST:BIMAS

Bim Birlesik Magazalar A.s — FY2018 Earnings Presentation

23 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2019

  1. Slide 1: Results Presentation

    RESULTS PRESENTATION For the 12 months to 31 December 2018

  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

    ti BIRLESIKM << y

  4. Slide 4: Headlines of Key Figures for 2018

    HEADLINES of KEY FIGURES FOR 2018 32,3 TL billion 956TL million CAPEX Sales (+30% YoY) 7.478 total stores 713 new openings in 2018 at 3,0% of sales 1.879 TL million 1.251 TL million EBITDA (45% YoY) (45 % YoY) Net Income Strong EBITDA and profit margins | Expected net sales in 2018 | EBITDA Breakeve

  5. Slide 5: Figures

    FIGURES [BIM| BIRLESIK MAGAZALARAS. TOPTAN FIYATINA PERAKENDE SATIS —————_—

  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) 2018A 32.323 4Q18 9.094 2017A 24.779 3Q18 8.460 2016A 20.071 2Q18 7.799 2015A 17.428 1Q18 6.970 2014A 14.463 4Q17 6.597 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) 2018 1.879 4Q18 511 1.530 413 2017 1.296 562 1.039 3Q18 472 2016 997 783 2Q18 442 358 2015 865 697 364 1Q18 286 2014 619 482 4Q17 324 258 0 500 1.000 1.500 2.000 EBITDA EBIT EBITDA EBIT EBI

  8. Slide 8: Annual/Quarterly Net Income

    ANNUAL/ QUARTERLY NET INCOME Net Income, Annually (TL million) Net Income, Quarterly (TL million) 2018A 1.251 4Q18 359 2017A 863 3Q18 364 2016A 671 2Q18 293 2015A 583 1Q18 234 2014A 395 4Q17 222 Net Income Margin Net Income Margin 2014 2015 2016 2017 2018 4Q17 1Q18 2Q18 3Q18 4Q18 2,7% 3,3% 3,3% 3,5%

  9. Slide 9: Free Cash Flow

    FREE CASH FLOW Free Cash Generation, Annually (*) (TL million) 2018A 241 400 (**) 2017A 824 2016A 647 2015A 300 Free Cash Flow % of Sales (%) 2015A 2016A 2017A 2018A 1,7% 3,2% 3,3% 0,7% (*) : Cash flow before dividend and share buy back (**) : Corresponds short term financial investment 9

  10. Slide 10: Like for Like Sales Increase

    LIKE FOR LIKE SALES INCREASE BIM TURKEY (*) Annual Quarterly 2017A 2018A CHANGE 2017 Q4 2018 Q4 CHANGE Like-For-Like Like-For-Like Sales (per store/per 11.171,0 13.423,6 20,2% Sales (per store/per 11.446 14.562 27,2% day -TL) day -TL) Like-For-Like Like-For-Like 16,46 19,41 18,0% 16,93 21,10 24,6% B

  11. Slide 11: Product Categories

    PRODUCT CATEGORIES SPOT SPOT 4,6% BRANDED 5,4% BRANDED 21,8% 21,2% 2017 2018 EXCLUSIVE EXCLUSIVE BIM TURKEY 6,2% BIM TURKEY 6,2% PRIVATE PRIVATE LABEL LABEL 67,4% 67,2% Total Number of Products (SKU) Other Operations PL Share in Sales (2018) BİM Format ~700 Morocco 29% FİLE Format ~4.500 Egypt 10% F

  12. Slide 12: CAPEX

    CAPEX 2018 CAPEX Breakdown Annual Capex (ml TL) & % of Net Sales 13% 2,9% 2,9% 2,8% 3,0% 17% 2,5% 956 9% 609 18% 43% 562 499 412 Store Acquisition New Store Capex Store Maintenance Warehouse Maintenance 2014A 2015A 2016A 2017A 2018A New Warehouse Annual CAPEX % of Net Sales 12

  13. Slide 13: Earnings and Dividend

    EARNINGS AND DIVIDEND Earnings Per Share & Cash Dividends Per Share in Gross (TL) Cash Dividend Payout Ratio (%) 2018A 58(*) 4,12 2018A 2,4 (*) 2017A 66 2016A 68 2,85 2017A 2015A 1,9 57 2014A 69 2,21 2016A 1,5 Cash Dividend Yield (%) 1,92 2018A 2015A 2,8(*) 1,1 2017A 2,7 1,30 2016A 2,2 2014A 0,9 201

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

    EFFICIENT USE OF OPERATING LEVERAGE and COST CONTROL 2017 SG&A Analysis, TL million 2018 SG&A Analysis, TL million 5.710 2.032 4.225 1.559 783 621 194 212 135 610 146 468 1.879 349 1.296 257 1.530 1.039 % of Sales % of Sales +17,1 -6,3 -2,5 -0,6 -0,6 -1,9 +5,2 -1,0 +4,2 +17,7 -6,3 -2,4 -0,6 -0,7 -1,

  15. Slide 15: Strong Store Growth Continues

    STRONG STORE GROWTH CONTINUES Total Number of Consolidated Stores 2018A 713 7.478 * 2017A 598 6.765 * 2016A 767 6.167 * 2015A 594 5.400 * 2014A 607 4.806 * 265 44 300 64 382 442 Stores by Formats 2017 - 2018 6.672 6.074 15 BİM Morocco Egypt FİLE Note (*): Total number of consolidated stores.

  16. Slide 16: Foreign Operations & FİLE Highlights

    FOREIGN OPERATIONS & FILE HIGHLIGHTS MOROCCO EGYPT • 60 stores opened in 2018, • 35 stores opened in 2018, by 31 December 2018 we have 442 stores by 31 December 2018 we have 300 stores • Our target is to open 60 new stores in 2019 • Planning to open an additional 30 stores in • EBITDA breakeven in 2

  17. Slide 17: Foreign Operations - Contributions

    FOREIGN OPERATIONS - CONTRIBUTIONS Contribution to Consolidated Sales Contribution to Consolidated EBITDA 2017-2018, TL million 2017-2018, TL million 1.638 -14 1.045 -33 32.323 30.685 1.893 1.879 23.734 24.779 1.329 1.296 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 Turkish Foreign To

  18. Slide 18: Targets vs Actual of 2018 and Looking Ahead to 2019

    TARGETS vs ACTUAL of 2018 and LOOKING AHEAD to 2019 2018 2018 2019 TARGET ACTUAL TARGET SALES GROWTH (%) 30% (*) 30,4% 25% (+-2 ppts) EBITDA MARGIN (%) 5,5%+ (*) 5,8% 5,0% (+-50 bps) (**) CAPEX mil TL ~ 750 956 1.100 CONSOLIDATED NEW ~ 730 713 820 STORE OPENINGS BIM Turkey ~600 598 700 Morocco ~60 6

  19. Slide 19: Thank you for listening

    Thank you for listening I would now like to open the discussion for the Q&A!

  20. Slide 20: IFRS Financials

    IFRS FINANCIALS 20

  21. Slide 21: IFRS Income Statement

    IFRS INCOME STATEMENT 3 months ended 31 December 12 months ended 31 December TL million 2017 2018 Change 2017 2018 Change Net Sales 6.597,1 9.093,9 37,8% 24.779,4 32.323,0 30,4% (COGS) (5.497,5) (7.562,3) 37,6% (20.554,0) (26.613,1) 29,5% Gross Profit 1.099,6 1.531,6 39,3% 4.225,4 5.709,9 35,1% Tota

  22. Slide 22: IFRS Balance Sheet

    IFRS BALANCE SHEET As at 31 December TL million 2017 2018 Intangible assets 13,2 16,5 Tangible assets 3.057,7 3.698,6 Financial Investments (long term) 309,7 350,8 Other non-current assets 42,5 40,0 Total fixed assets 3.423,1 4.105,9 Trades receivable 877,4 1.159,6 Financial Investment - short term

  23. Slide 23: IFRS Cash Flow

    IFRS CASH FLOW 3 months ended 31 December 12 months ended 31 December TL million 2017 2018 2017 2018 Net Income 221,6 359,4 863,0 1.250,6 D&A 66,1 97,3 256,5 348,7 Non cash tax expense 57,4 107,7 232,9 376,3 Other non-cash items (49,7) (107,9) 16,1 (53,0) Funds from operations 295,4 456,5 1.368,5 1.

BİM Birleşik Mağazalar A.Ş. — FY2018 Earnings Presentation on 6ix