Bim Birlesik Magazalar A.s. · BIST:BIMAS
Bim Birlesik Magazalar A.s — FY2023 Earnings Presentation
34 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2024
Slide 1: BIM 2023 Financial Results
BIM 2023 FINANCIAL RESULTS
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
Highlights Highlights Operational Performance Financial Performance Guidance P R E S E N T A T I O N R E S U L T S 2 0 2 3 B I M Sustainability Strategy Q &A APPDX
Slide 4: Headlines of Key Figures for 2023
HEADLINES of KEY FIGURES for 2023 (with TAS 29 inflation accounting on financials) Highlights 328.4 billion TL 1.1% Customer traffic growth (annual, YoY) SALES (+18% YoY) (5,4% in Q423 YoY) P R E S E N T A T I O N 11.2 billion TL 12.482 Total stores CAPEX (3.4% of sales) (972 net new stores in 2023)
Slide 5: 2023 Guidance vs Actual
2023 GUIDANCE VS ACTUAL 2023 GUIDANCE (w/o TAS 29 Inflation Accounting) Initial Revision Actual (13.03.2023) (07.11.2023) 75 % (± 0.5 %) 80% 81% P R E S E N T A T I O N SALES GROWTH EBITDA MARGIN* 7.0% - 7.5% 7.5% - 8.0% 7.9% R E S U L T S 2 0 2 3 3.5% 3.2% 3.6% B I M CAPEX TO SALES • 2023 figures w
Slide 6: Operational Performance
Highlights Operational Performance Financial Performance Guidance P R E S E N T A T I O N R E S U L T S 2 0 2 3 B I M Sustainability Strategy Q &A APPDX
Slide 7: Like for Like Sales Increase (BIM Turkiye)
LIKE FOR LIKE SALES INCREASE (BIM TURKIYE*) Operational Performance QUARTERLY (w/o TAS 29) ANNUALLY (w/o TAS 29) 2022 Q4 2023 Q4 CHANGE 12M 2022 12M 2023 CHANGE Like-For-Like Sales Like-For-Like Sales (per store/per day (TL) 44,461 76,349 71.7% (per store/per day (TL) 37,712 64,202 70.2% Like-For-Li
Slide 8: Expansion
EXPANSION Operational ANNUALLY QUARTERLY Performance 356 356 687 338 311 236 687 329 627 321 668 236 300 202 659 578 641 223 219 160 211 P R E S E N T A T I O N 300 11,203 535 11,203 123 10,370 10,817 9,451 10,611 10,352 8,407 R E S U L T S 2020 2021 2022 2023 1Q23 2Q23 3Q23 4Q23 2 0 2 3 B I M 9,365
Slide 9: Capex
CAPEX Operational ANNUALLY (with TAS 29 inflation accounting) Performance 3.2% 3.4% Annual CAPEX Breakdown New warehouse & land acqusitions Warehouse maintenance & SPPs' 9% 15% 14% 90% of CAPEX 11,235 Store 8,983 20% due on Turkiye operations. 19% maintenance P R E S E N T A T I O N 41% New store 11
Slide 10: Financial Performance
Highlights Operational Performance Financial Performance Guidance P R E S E N T A T I O N R E S U L T S 2 0 2 3 B I M Sustainability Strategy Q &A APPDX
Slide 11: Net Sales
NET SALES Financial Performance ANNUALLY (with TAS 29) 18% y-y 328,442 18% y-y real growth 279,253 P R E S E N T A T I O N 12M 2022 12M 2023 Revenues (TRY m) R E S U L T S QUARTERLY (w/o TAS 29) ANNUALLY (w/o TAS 29) 2 0 2 3 85% y-y 81% y-y B I M 74,406 83,417 267,036 51,335 57,878 45,095 147,716 4Q
Slide 12: Gross Profit
GROSS PROFIT Financial Performance ANNUALLY (with TAS 29) 15.7% 15.1% 67 bps y-y increase in 51,683 gross margin 42,071 P R E S E N T A T I O N 12M 2022 12M 2023 Gross Profit (TRY m) Gross Margin R E S U L T S QUARTERLY (w/o TAS 29) ANNUALLY (w/o TAS 29) 2 0 2 3 20.9% 19.4% B I M 19.5% 18.1% 18.4% 1
Slide 13: Operating Leverage
OPERATING LEVERAGE Financial Performance ANNUALLY (with TAS 29) 13.1% 14.7% 48,324 36,560 P R E S E N T A T I O N 12M 2022 12M 2023 Opex (TRY m) Opex to Sales (%) R E S U L T S QUARTERLY (w/o TAS 29) ANNUALLY (w/o TAS 29) 2 0 2 3 13.3% B I M 13.7% 13.6% 12.9% 12.9% 11.8% 11.5% 10,796 35,428 10,147 7
Slide 14: Opex Management – Annually
OPEX MANAGEMENT – ANNUALLY* Financial Performance 16.00% +159bp +16bp -32bp +26bp 14.74% 15.00% -4bp -7bp +6bp 14.00% 13.10% 13.00% P R E S E N T A T I O N 12.00% 11.00% R E S U L T S 10.00% 2022 OPEX Personnel Utility Expense Packaging Vehicles fuel & Advertising costs D&A Other 2023 OPEX 2 0 2 3 e
Slide 15: EBITDA
EBITDA Financial Performance ANNUALLY (with TAS 29) 4.9% 4.2% 13,751 13,632 P R E S E N T A T I O N 12M 2022 12M 2023 EBITDA (TRY m) EBITDA Margin R E S U L T S QUARTERLY (w/o TAS 29) ANNUALLY (w/o TAS 29) 2 0 2 3 9.0% 8.0% 7.9% B I M 8.5% 8.3% 7.4% 6.1% 6,672 6,883 20,985 3,849 4,292 11,867 3,138 4
Slide 16: Net Income
NET INCOME Financial Performance ANNUALLY (with TAS 29) 5.9% 4.7% 16,596 15,441 P R E S E N T A T I O N 12M 2022 12M 2023 Net Income (TRY m) Net Margin R E S U L T S QUARTERLY (w/o TAS 29) ANNUALLY (w/o TAS 29) 2 0 2 3 7.5% 5.5% B I M 4.6% 4.9% 5.2% 5.1% 2.6% 3,849 4,234 12,283 3,364 2,845 8,157 1,3
Slide 17: Quarterly Cash Flow Bridge
QUARTERLY CASH FLOW BRIDGE* Financial Performance 3,551 6,275 Total 10,335 3,626 506 Total 1,159 6,988 1,791 P R E S E N T A T I O N STFA 7,075 STFA 3,382 R E S U L T S Cash Cash 3,261 3,607 2 0 2 3 Cash position Funds from Change in NWC CAPEX Lease Payment Other Dividend Cash position B I M includi
Slide 18: Annually Cash Flow Bridge
ANNUALLY CASH FLOW BRIDGE * Financial Performance 2,323 9,660 20,580 P R E S E N T A T I O N 1,023 Total 3,783 Total 6,988 3,042 4,194 3,607 STFA R E S U L T S 2,012 STFA 3,381 Cash 2 0 2 3 2,182 Cash B I M Cash position Funds from Change in NWC CAPEX Lease Payment Other Dividend Distribution Cash p
Slide 19: Revenue Breakdown
REVENUE BREAKDOWN BY CATEGORY Financial BY FORMAT AND GEOGRAPHY* BİM Türkiye Performance 2023 2023 30% 6% 4% 27% P R E S E N T A T I O N 89% 90% 2022 5% 62% 65% 2022 4% 1% 1% 6% R E S U L T S 2% 7% 2 0 2 3 B I M 1% BİM TR FİLE BİM MAROC BİM EGYPT Private Label Branded Spot Exclusive • PL Share in Sa
Slide 20: FİLE
FİLE Financial Performance 236 stores in 4th warehouse FİLE online shopping 28 cities. 34 to be opened platform operates with 56 P R E S E N T A T I O N new stores in nearby Izmir. stores, two of which are 2023. dark stores. R E S U L T S 236 2 0 2 3 Stores B I M +40 stores in 2024 33% share of Priv
Slide 21: Foreign Operations
FOREIGN OPERATIONS Financial Performance BIM MAROC MAROC P R E S E N T A T I O N 11.5 bn TL %3 of 4,572 687 Stores 3 logistic Sales Consolidated Employees as of 2023 centers as of EBITDA* 2023, 4th +100 Stores opened in R E S U L T S in 2024 March 2024 BIM EGYPT 2 0 2 3 B I M EGYPT 2.6 bn TL 1% of 2
Slide 22: Guidance
Highlights Operational Performance Financial Performance Guidance P R E S E N T A T I O N R E S U L T S 2 0 2 3 B I M Sustainability Strategy Q &A APPDX
Slide 23: 2024 Guidance
2024 GUIDANCE (w/o TAS 29 Inflation Accounting) Guidance 2023 ACTUAL 2024 GUIDANCE SALES GROWTH 81% 75% (± 5%) EBITDA MARGIN* 7.9% 7.5% - 8.0% CAPEX TO SALES 3.6% 3.0% - 3.5% *EBITDA margin is after IFRS-16, before TAS 29.
Slide 24: Sustainability
Highlights Operational Performance Financial Performance Guidance P R E S E N T A T I O N R E S U L T S 2 0 2 3 B I M Sustainability Strategy Q &A APPDX
Slide 25: Sustainability Efforts
SUSTAINABILITY EFFORTS Sustainability ENVIRONMENTAL SOCIAL GOVERNANCE 16 Solar Power Plant with 22,5 MW installed The roles of Chairman of the Board and CEO Net Promoter Score of BİM has have been separated within the scope of power. BİM aims to obtain 25% of energy improved to 39* in 2023. consumpt
Slide 26: Strategy
Highlights Operational Performance Financial Performance Guidance P R E S E N T A T I O N R E S U L T S 2 0 2 3 B I M Sustainability Strategy Q &A APPDX
Slide 27: Strategy Overview
STRATEGY OVERVIEW Strategy Digitalization focus Further automation & cost savings P R E S E N T A T I O N R E S U L T S Improvement of ESG practices Invest in sustainable energy sources 2 0 2 3 B I M Further improve quality of Biscuit and chocolate production Private Labels
Slide 28: Q&A
Highlights Operational Performance Financial Performance Guidance P R E S E N T A T I O N R E S U L T S 2 0 2 3 B I M Sustainability Strategy Q &A APPDX
Slide 29: Appendix
Highlights Operational Performance Financial Performance Guidance P R E S E N T A T I O N R E S U L T S 2 0 2 3 B I M Sustainability Strategy Q &A APPDX
Slide 30: TFRS Income Statement (with TAS 29)
TFRS INCOME STATEMENT (with TAS 29) APPDX 12 months ended 31 December Change % TL million 12M 2022 12M 2023 y-o-y Net Sales 279,253 328,442 18% COGS (237,182) (276,759) 17% Gross Profit 42,071 51,683 23% P R E S E N T A T I O N Total SG&A (36,560) (48,324) 32% EBIT 5,510 3,359 -39% Net financial inc
Slide 31: TFRS Income Statement (w/o TAS 29)
TFRS INCOME STATEMENT (w/o TAS 29) APPDX 12 months ended 31 December 3 months ended 31 December Change % Change % TL million 12M 2022 12M 2023 4Q 2022 4Q2023 YoY QoQ Net Sales 147,716 267,036 81% 45,095 83,417 85% COGS (120,942) (215,247) 78% (36,818) (67,113) 82% P R E S E N T A T I O N Gross Profi
Slide 32: TFRS Income Statement (w/o TAS 29 – w/o TFRS 16)
TFRS INCOME STATEMENT (w/o TAS 29 – w/o TFRS 16) APPDX 12 months ended 31 December 3 months ended 31 December Change % Change % TL million 12M 2022 12M 2023 4Q 2023 4Q2022 YoY QoQ Net Sales 147,716 267,036 81% 45,095 83,417 85% COGS (120,942) (215,247) 78% (36,818) (67,113) 82% P R E S E N T A T I O
Slide 33: TFRS Balance Sheet (with TAS 29)
TFRS BALANCE SHEET (with TAS 29) As of 31 December APPDX TL Million 2022 2023 TOTAL CURRENT ASSETS 46,718 54,459 Cash & Cash Equivalents 3,595 3,607 Financial Investments 3,316 3,382 Trade Receivables 11,657 16,125 Prepayments 1,743 2,097 Inventories 24,401 27,328 Other Current Assets 2,007 1,921 TO
Slide 34: TFRS Cash Flow (with TAS 29)
TFRS CASH FLOW (with TAS 29) APPDX 12 months ended 31 December TL million 12M 2022 12M 2023 Net Income 16,599 15,445 D&A 8,122 10,392 Non Cash Tax Expense 2,694 6,599 Other Non-Cash Items (5,681) (9,146) Funds From Operations 21,734 23,290 P R E S E N T A T I O N Change In Net Working Capital (1,968
BİM Birleşik Mağazalar A.Ş. — FY2023 Earnings Presentation on 6ix