Bim Birlesik Magazalar A.s. · BIST:BIMAS

Bim Birlesik Magazalar A.s — Q4 2019 Earnings Presentation

24 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2020

  1. Slide 1: Q4|19 Business Update

    Q4|19 Business Update © BIM| All rights reserved | Confidential

  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 of Key Figures 2019

    HEADLINES of KEY FIGURES 2019 40.212TL billion Sales (+24% YoY) 1.078TL million CAPEX at 2,7% of sales 8.348 total stores 870 new openings in 2019 3.149TL million 1.225TL million EBITDA (7,8% margin and Net Income (3,0% margin, 68% YoY) -2% YoY) (2.124 TL million without IFRS16 (1.425 TL million wit

  4. Slide 4: Annual|Quarterly Net Sales|Gross Profit

    ANNUAL|QUARTERLY NET SALES|GROSS PROFIT Net Sales Annually (TL million) Net Sales Quarterly (TL million) 24% 16% 40.212 10.529 10.412 10.245 32.323 24.779 20.071 17.429 9.094 9.025 2015 2016 2017 2018 2019 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Gross Profit|Margin Annually (TL million) Gross Profit|Margin Qu

  5. Slide 5: Annual EBITDA|EBIT

    ANNUAL EBITDA|EBIT Annual EBITDA (TL million) Annual EBIT (TL million) 3,9% 4,2% 4,7% 4,2% 5,1% 5,2% 5,8% 5,3% 7,8% 5,0% 3.149 2.066 10% EBITDA EBIT 1.685 EBITDA MARGIN 13% EBIT MARGIN 1.530 With IFRS 16 (reported) With IFRS 16 (reported) 2.124 1.879 1.039 Without IFRS 16 Without IFRS 16 1.296 783 9

  6. Slide 6: Quarterly EBITDA|EBIT

    QUARTERLY EBITDA|EBIT Quarterly EBITDA without IFRS 16 Quarterly EBITDA with IFRS 16 8,3% 8,1% 7,3% 7,6% 5,6% 5,8% 5,6% 4,7% 5,0% 847 845 803 511 594 582 529 654 420 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 19 Q2 19 Q3 19 Q4 19 EBITDA EBITDA margins EBITDA EBITDA margins Quarterly EBIT without IFRS 16 Quart

  7. Slide 7: Annual|Quarterly Net Income

    ANNUAL|QUARTERLY NET INCOME Annually (TL million) Quarterly (TL million) Net income without IFRS 16 Net Income with IFRS 16 Net Income 1.425 402 390 Margin 368 1.251 359 1.225 359 3,50% 347 344 3,30% 3,50% 3,90% 3,00% 319 266 863 With IFRS 16 (reported) 671 Without IFRS 16 215 14% (YoY) 2% (YoY) 201

  8. Slide 8: Annual Free Cashflow

    © BIM| All rights reserved | Confidential Opening Cash Dec18 1,4 547 Funds from operations 6,9 2.776 CAPEX -2,7 1.079 ANNUAL|FREE CASHFLOW Change in Net Working 1,5 609 Capital 79 Other Investing Activities -0,2 % of Sales Sale of Treasury Shares 367 0,9 Lease payment 1.025 -2,5 Dividend Payment 967

  9. Slide 9: Like for Like Sales Increase

    LIKE FOR LIKE SALES INCREASE BIM TURKEY (*) ANNUAL QUARTERLY 2018A 2019A CHANGE 2018 Q4 2019 Q4 CHANGE Like-For-Like Sales Like-For-Like Sales 13.189,7 15.102,2 14,5% 14.335 15.117 5,5% (per store/per day (TL)) (per store/per day (TL)) Like-For-Like Basket Like-For-Like Basket 19,47 22,18 13,9% 21,1

  10. Slide 10: Product Categories

    PRODUCT CATEGORIES SPOT SPOT 5,4% BRANDED 6,5% BRANDED 21,2% 22% 2018 2019 EXCLUSIV EXCLUSIVE BIM TURKEY 6,2% BIM TURKEY E 6,1% PRIVATE PRIVATE LABEL LABEL 67,2% 65,4% Total Number of Products (SKU) Other Operations PL Share in Sales (2019) BİM Format ~750 Morocco 27% FİLE Format ~4.500 Egypt 11% Fİ

  11. Slide 11: CAPEX

    CAPEX 2019 CAPEX Breakdown Annual Capex (TL million) & % of Net Sales 10% 3,0% 2,7% 2,9% 2,8% 2,5% 16% 56% 18% 1.078 956 562 609 New Store Openings & Store acquisitions 499 New Warehouse & Land Acquisitions Store Maintenance Warehouse Maintenance 2015A 2016A 2017A 2018A 2019A Annual CAPEX % of Net S

  12. Slide 12: Strong Store Growth Continues

    STRONG STORE GROWTH CONTINUES Total number of consolidated stores 2019 Breakdown 93 320 497 8.348 7.478 6.765 6.167 7.438 767 598 713 870 BİM Morocco 2016A 2017A 2018A 2019A Egypt FİLE Number of stores New stores opened in a year 12 © BIM| All rights reserved | Confidential

  13. Slide 13: Earning|Dividends

    EARNING|DIVIDENDS Earnings|Cash Dividends Per Share (Gross TL) Cash Dividend Payout Ratio (%) 99 (*) 77 68 66 2,08 2,04 2,0(*) 1,59 1,43 2016A 2017A 2018A 2019A 1,11 0,95 Cash Dividend Yield (%) 0,75 4,2 (*) 3,7 2,7 2,2 2016A 2017A 2018A 2019A Earnings Per Share Dividends Per Share in Gross 2016A 20

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

    EFFICIENT USE OF OPERATING LEVERAGE & COST CONTROL 2019 SG&A Analysis, TL million(*) 2018 SG&A Analysis, TL million(*) 5.710 2.032 6.985 2.713 783 1.001 194 212 610 44 320 783 1.879 349 1.530 2.124 439 1.685 % of Sales % of Sales +17,7 -6,3 -2,4 -0,6 -0,7 -1,9 +5,8 -1,1 +4,7 +17,4 -6,7 -2,5 -0,1 -0,

  15. Slide 15: Foreign Operations|FILE Highlights

    FOREIGN OPERATIONS|FILE HIGHLIGHTS MOROCCO • 55 stores opened in 2019 • by 31 December 2019 we have 497 stores • Net Income positive (before IFRS 16) EGYPT • 20 stores opened in 2019 • by 31 December 2019 we have 320 stores FİLE • 93 stores by the end of 2019 • 29 opened in 2019 • EBITDA breakeven 1

  16. Slide 16: Foreign Contributions

    FOREIGN|CONTRIBUTIONS Contribution to Consolidated EBITDA 2019, TL million Contribution to Consolidated Sales - WITHOUT IFRS 2016 2018 - 2019, (TL million) 14 2.275 1.893 2.110 1.879 2.124 1.638 -14 2018 2019 2018 2019 2018 2019 40.212 Turkey Foreign Total 37.937 30.685 32.323 Contribution to Consol

  17. Slide 17: Targets vs Actual 2019|2020

    TARGETS vs ACTUAL 2019|2020 2019 2019 2020 TARGET ACTUAL TARGET SALES GROWTH (%) 25% (+-2 ppts) 24% 23% (+-2 ppts) EBITDA MARGIN (%) 5,0% (+-50 bps) (*) 5,3% (*) 5,0% (+-50 bps) (*) CAPEX mil TL 1.100 mil TL 1.078 mil TL 1.000 TL mil CONSOLIDATED NEW STORE 820 870 OPENINGS BIM Turkey 700 766 Morocco

  18. Slide 18: Strategy Overview for 2020

    STRATEGY OVERVIEW for 2020  Main goal is maximizing the customers benefit and therefore their basket size  Fine-tunning value proposition adapting to customer needs, which will support to improve operational traffic: • Benefiting from improved fruit & vegetable section • Trial for fresh bakery was

  19. Slide 19: Q&A

    Q&A 19 © BIM| All rights reserved | Confidential

  20. Slide 20: IFRS Statements

    IFRS Statements 20 © BIM| All rights reserved | Confidential

  21. Slide 21: IFRS Income Statement – 12 Months Period 2019/2018

    IFRS INCOME STATEMENT – 12 MONTHS PERIOD 2019/2018 12 months ended 31 December (01.01.2019 – 31.12.2019) 2019 IFRS 16 2019 without 2018 without Change % TL million IFRS 16 Impact IFRS 16 IFRS 16 2018 / 2019 without IFRS 16 Net Sales 40.211,9 - 40.211,9 32.323,0 24% (COGS) (33.226,5) - (33.226,5) (26

  22. Slide 22: IFRS Income Statement - Quarterly

    IFRS INCOME STATEMENT - QUARTERLY 3 months ended 31 December (01.10.2019 – 31.12.2019) 2019 IFRS 16 2019 without 2018 without Change % TL million IFRS 16 Impact IFRS 16 IFRS 16 2018 / 2019 without IFRS 16 Net Sales 10.528,9 - 10.528,9 9.093,9 15,8% (COGS) (8.733,4) - (8.733,4) (7.562,3) 15,5% Gross

  23. Slide 23: IFRS Balance Sheet

    IFRS BALANCE SHEET As at 31 December TL million 2018 2019 Intangible assets 16,5 38,4 Tangible assets 3.698,6 4.329,2 Right of Use Assets (IFRS 16) - 4.010,9 Financial Investments (Long term) 350,8 622,8 Other non-current assets 40,0 44,7 Total fixed assets 4.105,9 9.046,0 Trades receivable 1.159,6

  24. Slide 24: IFRS Cash Flow

    IFRS CASH FLOW 3 months ended 31 December 12 months ended 31 December TL million 2018 2019 2018 2019 Net Income 359,4 318,6 1.250,6 1.224,8 D&A 97,3 283,7 348,7 1.082,6 Non Cash Tax Expense 107,7 93,8 376,3 366 Other non-cash items (107,9) 133,4 (53,0) 537,5 Funds from operations 456,5 829,5 1.922,6

BİM Birleşik Mağazalar A.Ş. — Q4 2019 Earnings Presentation on 6ix