Bim Birlesik Magazalar A.s. · BIST:BIMAS

Bim Birlesik Magazalar A.s — Q4 2020 Earnings Presentation

26 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2021

  1. Slide 1: Q4|20 Business Update

    Q4|20 Business Update © BIM| All rights reserved

  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: Agenda

     Highlights  Operational Performance  Financial Performance  2021 Guidance  Q&A 3

  4. Slide 4: Headlines of Key Figures for 2020

    HEADLINES of KEY FIGURES for 2020 55,5TL billion Sales (+38% YoY) 1,3TL billion CAPEX at 2,4% of sales 9.365 total stores 1.017 new stores in 2020 5.067TL million EBITDA (9,1% margin and 61% YoY) 2.607TL million Net Income (4,7% margin,113% YoY) Top line growth and EBITDA margin trends outperformed

  5. Slide 5: 2020 Targets vs Actual

    2020 TARGETS VS ACTUAL 2020 GUIDANCE 2020 ACTUAL Initial First revision Second revision (4.03.2020) (18.08.2020) (14.12.2020) Sales growth 23% (+/-2%) 32% (+/-2%) 37% (+/-1%) 38% EBITDA margin* 5% (+/- 0,5%) 6% (+/-0,5%) 6,5% - 7,0% 6,9%* Capex 1.000 mn TL 1.000 mn TL 1.000 mn TL 1.325 mn TL *EBITDA

  6. Slide 6: Food Inflation in Turkey

    FOOD INFLATION IN TURKEY 200 180 160 140 120 100 Source: Turkstat 80 Jan-20 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jul-20 Jan-21 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 CPI Food Inflation Processed food inflation 6

  7. Slide 7: Agenda

     Highlights  Operational Performance  Financial Performance  2021 Guidance  Q&A 7

  8. Slide 8: Like for Like Sales Increase (BIM Turkey)

    LIKE FOR LIKE SALES INCREASE (BIM TURKEY*) QUARTERLY ANNUALLY 2019 Q4 2020 Q4 CHANGE 12M 2019 12M 2020 CHANGE Like-For-Like Sales Like-For-Like Sales 14.780 19.336 30,8% 14.718 18.902 28,4% (per store/per day (TL)) (per store/per day (TL)) Like-For-Like Basket Like-For-Like Basket 22,44 33,70 50,2%

  9. Slide 9: Product Categories

    PRODUCT CATEGORIES 2019 2020 Branded; Branded; 22% 22% Private Private Label; Label; 65% 63% Spot; 7% Spot; 9% Exclusive; Exclusive; 6% 6% Total Number of Products (SKU) Other Operations PL Share in Sales (2020) BİM Format ~800 Morocco 25% FİLE Format ~4.500 Egypt 12% FİLE 33% 9

  10. Slide 10: Expansion

    EXPANSION Turkey (Inc. FILE) Foreign 4Q20 8.530 835 9.365 * • Store growth 12% YoY • New opening in 2020 = 3Q20 8.321 826 9.147 * 1.017 consolidated stores, net 2Q20 8.095 826 8.921 * • Good pace of new store opening continues 1Q20 7.814 826 8.640 * 4Q19 7.531 817 8.348 * Note (*): Total number of c

  11. Slide 11: New Store Format & Capex

    NEW STORE FORMAT & CAPEX Annual CAPEX Breakdown 2,7% 2,4% Warehouse maintenance ; 9% Store maintenance ; 17% 1.325 New store 1.079 opening & store New warehouse & acqusitions ; land acqusitions; 59% 15% 2019A 2020A Annual CAPEX % of Net Sales 11

  12. Slide 12: Agenda

     Highlights  Operational Performance  Financial Performance  2021 Guidance  Q&A 12

  13. Slide 13: Net Sales

    NET SALES Net Sales Annually (TL million) Net Sales Quarterly (TL million) 38% 45% 55.495 14.029 13.560 15.309 40.212 10.529 12.598 2019 2020 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Gross Profit|Margin Annually (TL million) Gross Profit|Margin Quarterly (TL million) 17,4% 18,2% 18,4% 18,5% 18,7% 17,1% 17,2% 1

  14. Slide 14: EBITDA / EBIT

    EBITDA / EBIT 9,1% 9,6% 9,0% 10,0% 7,8% 7,6% 7,8% 61% YoY 90% YoY 5.067 1.525 3.149 1.340 1.217 985 803 2019 2020 Annual EBITDA Margin Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Quarterly EBITDA Margin 6,7% 5,1% 7,1% 7,6% 6,3% 4,9% 5,3% 79% YoY 125% YoY 3.697 1.171 1.003 858 2.066 666 519 2019 2020 Q4 19 Q1 20 Q

  15. Slide 15: Net Income

    NET INCOME Annually (TL million) Quarterly (TL million) 4,7% 5,4% 5,0% 4,8% 3,9% 3,5% 3,4% 3,0% 3,0% 159% 113% 2.607 825 697 654 1.251 1.225 430 863 319 2017 2018 2019 2020 4Q19 1Q20 2Q20 3Q20 4Q20 Net Income Margin Net Income Margin 15

  16. Slide 16: Annual Free Cashflow

    ANNUAL FREE CASHFLOW 323 1.325 1.650 4.421 1.228 304 280 1.155 1.112 Opening Funds from Change in CAPEX Other Lease Dividend Other Closing Cash Cash Dec19 operations Net Working Investing payment Distribution Dec20 Capital Activities % of Sales 2,1 8,0 0,6 -2,4 -3,0 -2,2 -0,6 -0,5 2,0 16

  17. Slide 17: Foreign Operations & FILE

    FOREIGN OPERATIONS & FILE MOROCCO EGYPT FILE • 9 new stores opened in 4Q 2020 and • In Egypt we have maintained our 300 • 7 new stores opened in 4th quarter 38 stores in total in 2020. stores in Q4 and we closed 20 stores • We opened 30 new stores in 2020 and in 2020 reached 123 stores by end of Q4

  18. Slide 18: Dividend

    DIVIDEND Earnings|Cash Dividends Per Share (Gross TL) Cash Dividend Payout Ratio (%) 128 5,50 77 68 66 4,31 25 2016A 2017A 2018A 2019A 2020E* Cash Dividend Yield (%) 2,08 2,04 8,7 1,59 1,43 0,95 0,50 3,7 2,7 2017 2018 2019 2020T* 1,0 Dividends Per Share in Gross Earnings Per Share 2017A 2018A 2019A

  19. Slide 19: Agenda

     Highlights  Operational Performance  Financial Performance  2021 Guidance  Q&A 19

  20. Slide 20: 2021 Guidance

    2021 GUIDANCE 2020 ACTUAL 2021 ESTIMATE Sales growth 38% 20-25% EBITDA margin* 9,1% 8,0% (+/-0,5%) Capex 1.325 mn TL 1.750 mn TL *EBITDA margin is after IFRS-16. 20

  21. Slide 21: Agenda

     Highlights  Operational Performance  Financial Performance  2021 Guidance  Q&A 21

  22. Slide 22: Appendixes: IFRS Statements

    Appendixes IFRS Statements 22 © BIM| All rights reserved | Confidential

  23. Slide 23: IFRS Income Statement

    IFRS INCOME STATEMENT 12 months ended 31 December 3 months ended 31 December 2020 (01.01.2020 – 31.12.2020) TL million Change % Change % 2019 2020 Q4 2019 Q4 2020 2019 / 2020 Q4 19 / Q4 20 Net Sales 40.212 55.495 38% 10.529 15.309 45% COGS (33.227) (45.374) 37% (8.733) (12.441) 42% Gross Profit 6.98

  24. Slide 24: IFRS Income Statement (w/o IFRS 16)

    IFRS INCOME STATEMENT (w/o IFRS 16) 12 months ended 31 December 3 months ended 31 December 2020 (01.01.2020 – 31.12.2020) TL million Change % Q4 2019 Q4 2020 Change % 2019 2020 Without IFRS Without IFRS Without IFRS 16 Without IFRS 16 2019 / 2020 Q4 19 / Q4 20 16 16 Net Sales 40.212 55.495 38% 10.52

  25. Slide 25: IFRS Balance Sheet

    IFRS BALANCE SHEET As of December 2020 TL million 2019 2020 Intangible assets 38 44 Tangible assets 4.329 6.231 Right of Use Assets (IFRS 16) 4.011 5.399 Financial Investments (Long term) 623 523 Other non-current assets 45 98 Total fixed assets 9.046 12.295 Trades receivable 1.433 2.615 Financial I

  26. Slide 26: IFRS Cash Flow

    IFRS CASH FLOW 12 months ended 31 December 3 months ended 31 December TL million 2019 2020 Q4 2019 Q4 2020 Net Income 1.225 2.607 319 825 D&A 1.083 1.370 284 355 Non cash tax expense 366 745 94 237 Other non-cash items 537 401 133 48 Funds from operations 3.211 5.123 830 1.465 Change in net working

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