Bim Birlesik Magazalar A.s. · BIST:BIMAS

Bim Birlesik Magazalar A.s — Q1 2023 Earnings Presentation

25 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2023

  1. Slide 1: Q1|23 Financial Results

    Q1|23 FINANCIAL RESULTS 1

  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: Highlights, Operational Performance, Financial Performance, Q&A

    ✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 3

  4. Slide 4: Headlines of Key Figures for Q1 2023

    HEADLINES of KEY FIGURES for Q1 2023 51,3 billion TL sales (+88% YoY) 1,6 billion TL CAPEX 11.525 total stores (3,2% of sales) (vs. 11.510 stores in 4Q 2022) (225 stores closed due to earthquake) 3,1 billion TL EBITDA 1,35 billion TL Net Income (6,1% margin and +36% YoY) (2,6% margin,1% YoY) One-off

  5. Slide 5: Highlights, Operational Performance, Financial Performance, Q&A

    ✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 5

  6. Slide 6: Like for Like Sales Increase (BIM Turkiye)

    LIKE FOR LIKE SALES INCREASE (BIM TURKIYE*) QUARTERLY 2022 Q1 2023 Q1 CHANGE Like-For-Like Sales 29.332 52.548 79,1% (per store/per day (TL)) Like-For-Like Basket 51,72 96,02 85,6% (TL/per visit) Like-For-Like Customer Traffic 567,1 547,3 -3,5% (per store/per day) Number of working days 90 88 14,4%

  7. Slide 7: Expansion

    EXPANSION Total Türkiye (Inc. File) Other 1Q23 10.563 962 11.525 • Store growth 7% YoY 4Q22 10.572 938 11.510 • New openings in Turkiye in 1Q23: 207 Closings due to the earthquake: 225 3Q22 10.358 916 11.274 • The number of BİM Mini stores reached 169 as of 1Q23. 2Q22 10.159 906 11.065 1Q22 9.886 89

  8. Slide 8: CAPEX

    CAPEX 4,1% 3,1% 3,2% 3,2% 3,2% 1.859 1.638 1.319 1.081 853 1Q22 2Q22 3Q22 4Q22 1Q23 Capex Capex to sales • 1 new warehouse opened in 1Q23. • Investments for new warehouses. • Investments for biscuits and chocolate production facility. 8

  9. Slide 9: Highlights, Operational Performance, Financial Performance, Q&A

    ✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 9

  10. Slide 10: Net Sales & Gross Profit

    NET SALES & GROSS PROFIT 88% y-y 18,6% 18,0% 17,7% 18,4% 18,0% 51.335 8.277 9.220 41.171 45.095 7.275 34.135 6.154 27.314 5.068 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 Revenues (TRY m) Gross Profit (TRY m) Gross Margin • 57 bp one-off negative impact of earthquakes on Gross Margin. 10

  11. Slide 11: Revenue Breakdown

    REVENUE BREAKDOWN BY FORMAT AND GEOGRAPHY BY CATEGORY* Private Branded; BİM-TR; FİLE; 5,5% Label; 28,2% 89,4% 64,4% BİM-MOROCCO; 4,1% BİM-EGYPT; 1,0% Spot; 5,9% Exclusive; 1,5% *BİM Türkiye 11

  12. Slide 12: Opex Management

    OPEX MANAGEMENT 14,5% +174bp -7bp -5bp +25bp 14,0% -8bp -4bp 13,69% -20bp 13,5% 13,0% 12,5% 12,15% 12,0% 11,5% 11,0% 10,5% 10,0% maintenance expense 1Q22 OPEX Other Advertising costs 1Q23 OPEX Personnel expenses D&A Utility Expense Packaging Expenses Vehicles fuel & % of revenues: 1Q22 6,83% 1,21% 0

  13. Slide 13: EBITDA & EBIT

    EBITDA & EBIT 8,4% 8,2% 8,5% 6,4% 6,5% 5,4% 6,8% 7,0% 6,1% 4,3% 3.078 3.849 2.812 2.902 3.138 2.213 2.236 2.190 2.305 1.748 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 EBITDA (TRY m) EBITDA Margin EBIT (TRY m) EBIT Margin • 57 bp one-off negative impact of earthquakes on EBIT and EBITDA margin

  14. Slide 14: Net Income

    NET INCOME 7,5% 4,9% 4,9% 4,3% 2,6% 3.364 1.676 1.775 1.342 1.354 1Q22 2Q22 3Q22 4Q22 1Q23 Net Income (TRY m) Net Margin • 67 bp one-off negative impact of earthquakes on Net Margin. • 14 bp one-off negative impact of early retirement scheme on Net Margin. • 11 bp one-off negative impact of EGP depr

  15. Slide 15: Quarterly Cash Flow Bridge

    QUARTERLY CASH FLOW BRIDGE 1.679 3.649 1.638 209 756 143 2.175 1.685 (million TL) Cash position Funds from Change in NWC CAPEX Other inv. Lease payment Other Cash position (4Q22) operations Activities (1Q23) % of revenues: 1Q22 9,0% -6,4% -3,1% 4,4% -1,8% -0,1% 1Q23 7,1% -3,3% -3,2% -0,4% -1,5% 0,3%

  16. Slide 16: FİLE

    FİLE • 211 stores in 26 cities. 9 new stores in 1Q23. • 4th warehouse to be opened nearby Izmir. 211 Stores • FİLE online shopping platform operates with 52 stores, of which two 3 Logistic of them are dark store. Centers • Online sales form 5% of FİLE’s revenues. • 33% share of Private Labels within

  17. Slide 17: Foreign Operations

    FOREIGN OPERATIONS BIM MAROC BIM EGYPT 641 Stores 321 Stores 3 Logistic 2 Logistic Centers Centers The 4th warehouse is under construction. The improvement continues. 14 new stores in 1Q23. 10 new stores in 1Q23. 17

  18. Slide 18: Foreign Operations' Contribution

    FOREIGN OPERATIONS’ CONTRIBUTION Contribution to Consolidated Sales Contribution to Consolidated EBITDA (TL million) (TL million) 3.138 2.981 48.691 51.335 2.170 2.305 25.491 27.314 1.823 2.644 135 157 Türkiye Other Total Türkiye Other Total 1Q22 1Q23 1Q22 1Q23 18

  19. Slide 19: Highlights, Operational Performance, Financial Performance, Q&A

    ✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 19

  20. Slide 20: Q&A

    Q&A 20

  21. Slide 21: Appendixes: IFRS Statements

    Appendixes IFRS Statements 21

  22. Slide 22: IFRS Income Statement

    IFRS INCOME STATEMENT 3 months ended 31 March TL million Change % Q1 2022 Q1 2023 Q1 22 / Q1 23 Net Sales 27.314 51.335 88% COGS (22.246) (42.115) 89% Gross Profit 5.068 9.220 82% Total SG&A (3.319) (7.030) 112% EBIT 1.748 2.190 25% Net financial inc/(exp) (214) (473) 121% Other income/(expenses) 94

  23. Slide 23: IFRS Income Statement (w/o IFRS 16)

    IFRS INCOME STATEMENT (w/o IFRS 16) 3 months ended 31 March TL million Q1 2022 Q1 2023 Change % Without IFRS16 Without IFRS16 Q1 22 / Q1 23 Net Sales 27.314 51.335 88% (COGS) (22.246) (42.115) 89% Gross Profit 5.068 9.220 82% Total SG&A (3.504) (7.337) 109% EBIT 1.564 1.883 20% Net financial inc/(ex

  24. Slide 24: IFRS Balance Sheet

    IFRS BALANCE SHEET As of 31 March TL Million 2022 2023 TOTAL CURRENT ASSETS 19.892 35.979 Cash & Cash Equivalents 1.990 1.715 Financial Investments 356 2.316 Trade Receivables 5.186 9.013 Prepayments 1.253 1.842 Inventories 10.704 19.507 Other Current Assets 403 1.586 TOTAL NON-CURRENT ASSETS 17.652

  25. Slide 25: IFRS Cash Flow

    IFRS CASH FLOW 3 months ended 31 March TL million Q1 2022 Q1 2023 Net Income 1.344 1.347 D&A 556 948 Non Cash Tax Expense 283 391 Other Non-Cash Items 800 1.818 Funds From Operations 2.984 4.504 Change In Net Working Capital (1.749) (1.679) Tax & Other Payments (520) (855) Operating Cash Flow 714 1.

BİM Birleşik Mağazalar A.Ş. — Q1 2023 Earnings Presentation on 6ix