Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — FY2015 Earnings Presentation
21 slides from Migros Ticaret A.s's earnings presentation, 2016
Slide 1: Migros Ticaret A.Ş. 2015 Financial Results
Migros Ticaret A.Ş. 2015 Financial Results
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 informaation in this presentation is subject to updating, revision and amendment. The information in this pr
Slide 3: Contents
CONTENTS Sales Expansion Financial Key Financial Overview Metrics Ataşehir Migros Operational Guidance Update Financial Format Results Summary 2
Slide 4: Sales in 2015
Sales in 2015 Strong domestic growth of 16.6% in 2015, Consolidated sales reached TL 9,390 million in 2015 corresponding to a yearly increase of 15.6%, Positive sales growth momentum in 2015, thanks to sales performance of new & existing stores Quarterly Sales (TL million) Sales (TL million) 2,378 9
Slide 5: Market Share Evolution
Market Share Evolution Domestic Sales Growth of Migros FMCG Market Share Evolution Migros’ Domestic Sales Growth Y-o-Y (%) Migros Market Share (%) 16.6% 14.6% 14.6% 14.4% 14.3% 10.2% 5.4% 5.4% 5.5% 2013 2014 2015 2013 2014 2015 Domestic Sales Growth In total FMCG market In modern FMCG market Market
Slide 6: Expansion
Expansion Net Sales Area Split By Banner - 2015 New store openings in 4Q15 67 New store openings in 2015 257 Small/mid/large supermarkets New store openings in 2014 199 Number of Stores as of 2015 1,410 Compact hypermarkets Number of Stores - Total Mid/large supermarkets 1,410 1,190 +220 +186 1,00
Slide 7: Financial Overview: Gross Profit in 2015
Financial Overview: Gross Profit in 2015 Solid Gross Profit Generation Gross profit increased by 16.7% y-o-y to TL 2,526 million with a margin of 26.9% in 2015, Competitiveness and price perception of Migros improved significantly in the past few years, Sustainable gross margin despite intensifying
Slide 8: Financial Overview: EBITDA(R) in 2015
Financial Overview: EBITDA(R) in 2015 Solid EBITDA(R) Generation EBITDA grew by 13.8% y-o-y to TL 602 million, and EBITDAR by 16.2% y-o-y to TL 1,082 million in 2015. Quarterly EBITDA* (TL million) EBITDA* (TL million) 149 602 134 529 4Q 2014 4Q 2015 2014 2015 Margin 6.4% 6.3% Margin 6.5% 6.4% Quart
Slide 9: Key Financial Metrics
Key Financial Metrics Growth accelerated from 10% to 17% in 2 years, where EBITDA margin sustained Domestic Sales Growth Y-o-Y (%) Domestic Operations EBITDA Margin (%) Growth accelerated Sustainable EBITDA margin in 3 years: 6.0-6.5% 16.6% 14.6% 6.5% 6.5% 6.6% 10.2% 2013 2014 2015 2013 2014 2015 St
Slide 10: Merchandising and Marketing Strategies
Merchandising and Marketing Strategies Only at Migros Around 1,000 SKUs, Quality oriented & rich product portfolio in all major necessity items Lowest price guarantee at equivalent quality M Life; new, innovative, value-added, healty products, Anatolian Flavours; local products reflecting An
Slide 11: Online Business
Online Business Turkey’s first and leading e- commerce web site in food retail Top-line growth is 2-3x higher than the Company average Improved operational efficiency through picking automation Direct delivery from stores (104 stores in 24 cities across Turkey) 10
Slide 12: Performance Summary & 2016 Guidance
Performance Summary & 2016 Guidance Performance Summary Performance Performance 2013 2014 Target 2015 Indicator vs Guidance Expansion Program (Number of NEW Stores) 165 199 225+ 257 Top-Line Sales Growth 10.2*% 14.0% Double Digit 15.6% EBITDA Margin 6.6% 6.5% 6.0-6.5% 6.4% Number of stores r
Slide 13: Financials & Format Summary
Financials & Format Summary - Financials - Operations
Slide 14: Summary of Income Statement – 2015
SUMMARY OF INCOME STATEMENT – 2015 IFRS Consolidated Income Statement Summary (TL Million) 2015 2014 Net Sales 9,389.8 8,122.7 Cost of sales -6,864.2 -5,959.3 Gross Profit 2,525.6 2,163.4 Operating Expenses -2,154.3 -1,838.3 Other Operating Income / (Expense) -107.7 -92.7 Operating Profit 263.6 232.
Slide 15: Summary of Balance Sheet – 2015
SUMMARY OF BALANCE SHEET – 2015 IFRS Consolidated Balance Sheet Summary (TL Million) 2015 2014 Current Assets 2,035.5 1,723.3 Non-current Assets 3,725.2 3,857.3 Total Assets 5,760.7 5,580.6 Current Liabilities 2,725.7 2,779.8 Non-current Liabilities 2,519.1 1,892.0 Total Liabilities 5,244.7 4,671.7
Slide 16: Migros Today
Migros Today Since 1954 Largest national supermarket operator − Operates 1,410 stores across 71 cities in Turkey as well as in Kazakhstan and Macedonia, as of December 31, 2015 − 14.6% market share in organized grocery FMCG retail sales in Turkey¹ Consistent double digit sales growth2 since 2006
Slide 17: Ownership Structure
Ownership Structure JV Structure between BC Partners & Anadolu Group with 40.25% Migros shares each Recent Shareholding Structure Anadolu Moonlight Endüstri Capital S.A. Holding A.Ş. 19.50% 80.50% MH Kenan Moonlight Free Float Perakendecilik Investments S.A. Capital S.A. ve Ticaret A.Ş. 19.49% 15.37
Slide 18: Migros
Migros Migros, Largest National Supermarket Chain Number of stores: 1,327* including 465 Migros Jet and 23 5M stores, Penetration: 71 cities ─ (40**-4,500) sqm / (1,800** – 18,000) SKUs ─ Broad variety of fresh food products ─ Wide branded assortment of FMCG products ─ Modern, fashionable, compl
Slide 19: Macrocenter
Macrocenter Exclusive shopping Number of stores: 36 400 - 2,500 sqm / 10,000 SKUs ─ Upscale gourmet store serving with strong brand loyalty ─ Wide product range in delicatessen, appetizers and spirits. Premium quality in fresh products ─ Complementary and premium non-food Customized service su
Slide 20: 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 19
Slide 21: International Operations
International Operations Kazakhstan Macedonia 3.5% of consolidated sales from Kazakh operations 1% of consolidated sales from Macedonian operations Number of stores: 27, including 4 hypermarkets, 21 Number of supermarkets: 20 supermarkets and 2 Macrocenter. Owns 1 shopping mall in Almaty O