Bim Birlesik Magazalar A.s. · BIST:BIMAS

Bim Birlesik Magazalar A.s — FY2015 Earnings Presentation

23 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2016

  1. Slide 1: Results Presentation

    RESULTS PRESENTATION For the 12 months to 31 December 2015

  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

    HEADLINES 3

  4. Slide 4: Headlines for 2015

    HEADLINES FOR 2015 17,4 TL 865,3 TL 499,3 TL billion (+21% YoY) million (+40% YoY) million CAPEX at Sales EBITDA 2,9% of sales Strong net sales in Strong EBITDA and Continued 2015 profit margins Expansion FİLE 583,2 TL Stores: 4.972 at Turkey Celebrates one year of operation million (+48 % YoY) 279

  5. Slide 5: Figures

    545. ARMUT Devect

  6. Slide 6: Annual/Quarterly Net Sales and Gross Profit

    ANNUAL/ QUARTERLY NET SALES AND GROSS PROFIT Annually, TL million Quarterly, TL million 17.429 Net Sales Net Sales 4.448 4.536 Gross Profit Gross Profit 4.351 14.463 740 2.816 4.094 732 710 11.849 3.754 2.226 634 9.906 8.189 1.857 1.559 563 1.309 2011A 2012A 2013A 2014A 2015A 4Q14 1Q15 2Q15 3Q15 4Q1

  7. Slide 7: Annual/Quarterly EBITDA and EBIT

    ANNUAL/ QUARTERLY EBITDA AND EBIT Annually, TL million Quarterly, TL million EBITDA 231 229 865 218 EBITDA EBIT EBIT 187 187 185 697 177 596 619 149 141 491 485 482 428 398 105 351 2011 2012 2013 2014 2015 4Q14 1Q15 2Q15 3Q15 4Q15 EBITDA Margin EBITDA Margin 5,2% 5,0% 5,0% 4,3% 5,0% 3,8% 4,6% 5,0% 5

  8. Slide 8: Annual/Quarterly Net Income

    ANNUAL/ QUARTERLY NET INCOME Annually, TL million Quarterly, TL million 169 Net Income 583 Net Income 150 141 124 413 395 332 82 299 2011A 2012A 2013A 2014A 2015A 4Q14 1Q15 2Q15 3Q15 4Q15 Net Income Margin Net Income Margin 3,7% 3,3% 3,5% 2,7% 3,3% 2,2% 3,0% 3,4% 3,8% 3,1% 8

  9. Slide 9: Earnings and Dividend

    EARNINGS AND DIVIDEND Earnings Per Share and Dividend Per Dividend Yield & Payout Ratio, % Share in Gross, TL 69 1,92 66 66 * 58 1,36 1,30 * 1,8 1,09 1,7 1,7 * 0,98 0,90 1,6 0,80 0,73 0,65 2011A 2012A 2013A 2014A 2015A 2011A 2012A 2013A 2014A 2015A Earnings Per Share Dividiend Payout Ratio Dividend

  10. Slide 10: Like for Like Sales Increase

    LIKE FOR LIKE SALES INCREASE Annual Quarterly 2014 A 2015 A INCREASE 2014 Q4 2015 Q4 INCREASE Like-For-Like Like-For-Like 3.298,5 12.696,6 14.064,6 10,8% Sales (Mil TL) (**) 3.571,4 8,3% Sales (Mil TL) Like-For-Like Like-For-Like 12,94 14,02 8,4% Basket (TL) 12,51 13,73 9,7% Basket (TL) Like-For-Lik

  11. Slide 11: Low-Capex Business Model

    LOW-CAPEX BUSINESS MODEL 2015 Capex Breakdown Annual Capex & % of Net Sales 12% 2,9% 2,9% 41% 2,2% 2,4% 2,1% 24% 499 412 241 246 183 23% New Store Openings 2011A 2012A 2013A 2014A 2015A New Warehouse & Land Acquisitions Annual CAPEX % of Net Sales Store Maintenance Warehouse Maintenance 11

  12. Slide 12: Efficient Use of Operating Leverage and Cost Control

    EFFICIENT USE OF OPERATING LEVERAGE AND COST CONTROL 2014 SG&A Analysis, TL million 2015 SG&A Analysis, TL million 2.226,1 849,8 2.816,4 1.036,8 351,2 423,2 73,3 78,2 94,1 97 255 300 618,6 865,3 136,7 481,9 168,4 696,9 % of Sales % of Sales 15,4 5,9 2,4 0,5 0,5 1,8 4,3 1,0 3,3 16,2 5,9 2,4 0,5 0,6 1

  13. Slide 13: Strong Store Growth Continues

    STRONG STORE GROWTH CONTINUES Number of Stores Stores in Egypt 4.972 Stores in Marocco 4.502 Stores in Turkey (BİM) 4.000 3.655 3.289 164 223 140 279 0 76 0 110 35 81 2011 2012 2013 2014 2015 13

  14. Slide 14: Foreign Operations Highlights

    FOREIGN OPERATIONS HIGHLIGHTS MOROCCO EGYPT • 56 Stores opened in 2015, by 31 • 59 stores opened in 2015, by 31 December 2015 we have 279 December 2015 we have 140 stores • Third region to be opened around Fez • Our target for 2016 is to open 100 City stores and reach 240 in total • Our target is to

  15. Slide 15: FİLE Highlights

    FİLE HIGHLIGHTS FİLE • 9 stores opened in 2015 (total of 12.000 m2 selling space) • Our target for 2016 is to open 15 stores and reach 24 in total • 4.000 SKU’s variety per store • In Q2 2016 we will move to our own warehouse

  16. Slide 16: Foreign Operations - Contributions

    FOREIGN OPERATIONS - CONTRIBUTIONS Contribution to Consolidated Sales Contribution to Consolidated 2014-2015, TL million EBITDA 2014-2015, TL million 658 -42.7 441 -33.4 17.429 16.771 908,0 865,3 14.463 14.022 652,0 618,6 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 Domestic Foreign T

  17. Slide 17: 2015 Targets vs 2015 Actual

    2015 TARGETS vs 2015 ACTUAL 2015 TARGET 2015 ACTUAL SALES GROWTH (%) 20 20,5 GROSS MARGIN (%) 15,5 16,2 EBITDA MARGIN (%) 4,5 5,0 CAPEX mil TL 450 499 NEW STORES TURKEY 500 470 MOROCCO 81 56 EGYPT 54 59 FİLE 10 9 TOTAL 645 594 17

  18. Slide 18: Looking Forward to 2016

    LOOKING FORWARD TO 2016 2015 ACTUAL 2016 TARGET SALES GROWTH (%) 20,5 20 GROSS MARGIN (%) 16,2 16,5 EBITDA MARGIN (%) 5,0 5,0 CAPEX mil TL 499 700 NEW STORE OPENINGS TURKEY 470 600 MOROCCO 56 80 EGYPT 59 100 FİLE 9 15 TOTAL 594 795 18

  19. Slide 19: Q&A

    Q&A 19

  20. Slide 20: Appendix: IFRS Financials

    APPENDIX IFRS Financials 20

  21. Slide 21: IFRS Income Statement

    IFRS INCOME STATEMENT 3 months ended 31 December 12 months ended 31 December TL million 2014 2015 2014 2015 Net Sales 3.754,3 4.535,6 14.463,1 17.428,5 (COGS) (3.191,1) (3.795,2) (12.237,0) (14.612,1) Gross Profit 563,2 740,4 2.226,1 2.816,4 Total SG&A (422,2) (511,0) (1.607,5) (1.951,1) EBITDA 141,

  22. Slide 22: IFRS Balance Sheet

    IFRS BALANCE SHEET As at 31 December TL million 2014 2015 Intangible assets 4,7 5,4 Tangible assets 1.243,2 1.784,7 Financial Investments (long term) 157,5 181,8 Other non-current assets 20,4 35,3 Total fixed assets 1.425,8 2.007,2 Trade receivables 445,3 525,7 Inventories 807,3 975,3 Prepayment and

  23. Slide 23: IFRS Cash Flow

    IFRS CASH FLOW 3 months ended 31 December 12 months ended 31 December TL million 2014 2015 2014 2015 Net Income 82,4 141,2 395,3 583,2 D&A 35,7 44,5 136,7 168,4 Other non-cash items (2,1) (8,6) (18,0) (18,4) Funds from operations 116,0 177,1 514,0 733,2 Change in net working capital 5,7 (42,4) 54,9

BİM Birleşik Mağazalar A.Ş. — FY2015 Earnings Presentation on 6ix