Bim Birlesik Magazalar A.s. · BIST:BIMAS
Bim Birlesik Magazalar A.s — Q3 2023 Earnings Presentation
27 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2023
Slide 1: Q3|23 Financial Results
Q3|23 FINANCIAL RESULTS 1
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: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Guidance ✓ Q&A 3
Slide 4: Headlines of Key Figures for Q3 2023
HEADLINES of KEY FIGURES for Q3 2023 74,4 billion TL sales (+81% YoY) 2,2 billion TL CAPEX 12.046 total stores (3,0% of sales) 228 new stores in 3Q 2023 6,7 billion TL EBITDA 3,84 billion TL Net Income (9,0% margin and +130% YoY) (5,2% margin,117% YoY) Improvement in traffic figures, Strong cash gen
Slide 5: Operational Performance
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Guidance ✓ Q&A 5
Slide 6: Like for Like Sales Increase (BİM Türkiye)
LIKE FOR LIKE SALES INCREASE (BIM TURKIYE*) QUARTERLY 9 MONTHS 2022 Q3 2023 Q3 CHANGE 9M 2022 9M 2023 CHANGE Like-For-Like Sales Like-For-Like Sales 42.456 70.253 65,5% 35.604 60.326 69,4% (per store/per day (TL)) (per store/per day (TL)) Like-For-Like Basket Like-For-Like Basket 73,21 117,45 60,4%
Slide 7: Expansion
EXPANSION Total Türkiye (Inc. File) Other 3Q23 11.040 1.006 12.046 • Store growth 7% YoY • New openings in Turkiye in 3Q23: 210 2Q23 10.830 988 11.818 • New store openings in 9M23 761 Store closures due to earthquake (225) 1Q23 10.563 962 11.525 Net store openings in 9M23 536 • The number of BİM Min
Slide 8: Capex
CAPEX 4,1% 3,2% 3,2% 3,5% 3,0% 3,2% 3,2% 2.025 2.237 5.901 1.859 1.638 1.319 3.254 3Q22 4Q22 1Q23 2Q23 3Q23 9M 2022 9M 2023 Capex Capex to sales Capex Capex to sales 8
Slide 9: Financial Performance
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Guidance ✓ Q&A 9
Slide 10: Net Sales & Gross Profit
NET SALES & GROSS PROFIT 81% y-y 20,9% 18,4% 18,0% 18,5% 17,7% 74.406 51.335 57.878 15.571 41.171 45.095 10.694 8.277 9.220 7.275 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 Revenues (TRY m) Gross Profit (TRY m) Gross Margin 79% y-y 19,3% 18,0% 183.618 35.485 102.620 18.496 9M 2022 9M 2023 9M
Slide 11: Revenue Breakdown
REVENUE BREAKDOWN BY FORMAT AND GEOGRAPHY (3Q23) BY CATEGORY* (3Q23) Branded; 29,9% FİLE; 5,6% BİM-TR; Private Label; 88,8% 60,9% BİM-MOROCCO; 4,7% BİM-EGYPT; 0,9% Spot; 7,8% Exclusive; 1,4% *BİM Türkiye 11
Slide 12: Opex Management
OPEX MANAGEMENT 14,5% +169bp +30bp 14,0% -49bp -5bp -5bp +3bp 13,64% -3bp 13,5% 13,0% 12,5% 12,24% 12,0% 11,5% 11,0% 10,5% 10,0% Other Advertising costs 3Q22 OPEX/Sales Personnel expenses 3Q23 OPEX/Sales D&A Utility Expense maintenance expense Packaging Expenses Vehicles fuel & % of revenues: 3Q22 7
Slide 13: EBITDA & EBIT
EBITDA & EBIT 9,0% 8,5% 7,3% 7,4% 6,8% 7,0% 5,4% 5,6% 6,1% 4,3% 6.672 5.423 3.849 4.292 3.239 2.902 3.138 3.078 2.236 2.190 3Q22 4Q22 1Q23 2Q23 3Q23 3Q22 4Q22 1Q23 2Q23 3Q23 EBITDA (TRY m) EBITDA Margin EBIT (TRY m) EBIT Margin 7,8% 7,7% 6,0% 5,9% 14.102 10.853 8.018 6.196 9M 2022 9M 2023 9M 2022 9M
Slide 14: Net Income
NET INCOME 7,5% 4,9% 4,3% 2,6% 5,2% 4,4% 4,7% 3.849 8.049 3.364 2.845 4.793 1.775 1.354 3Q22 4Q22 1Q23 2Q23 3Q23 9M 2022 9M 2023 Net Income (TRY m) Net Margin Net Income (TRY m) Net Margin • 117% y-y increase in 3Q23 • 68% y-y increase in 9M23 14
Slide 15: Quarterly Cash Flow Bridge
QUARTERLY CASH FLOW BRIDGE 459 2.237 Total 382 10.335 1.009 6.190 Total 6.550 STFA STFA 7.075 2.569 Cash Cash 3.981 3.261 (million TL) Cash position Funds from Change in NWC CAPEX Lease payment Other Cash position including ST operations including ST Financial Assets Financial Assets (2Q23) (3Q23) A
Slide 16: FİLE
FİLE • 223 stores in 26 cities. 4 new stores in 3Q23. • 4th warehouse to be opened nearby Izmir. 223 Stores • FİLE online shopping platform operates with 53 stores, of which two 3 Logistic of them are dark store. Centers • Online sales form 5% of FİLE’s revenues. • 32% share of Private Labels within
Slide 17: Foreign Operations
FOREIGN OPERATIONS BIM MAROC BIM EGYPT 668 Stores 338 Stores 3 Logistic 2 Logistic Centers Centers The 4th warehouse is under construction. 9 new stores in 3Q23. 9 new stores in 3Q23. Looking for new warehouse locations. 17
Slide 18: Foreign Operations' Contribution
FOREIGN OPERATIONS’ CONTRIBUTION Contribution to Consolidated Sales Contribution to Consolidated EBITDA (TL million) (TL million) 173.824 183.618 13.541 14.102 96.301 102.620 8.018 7.607 6.319 9.795 412 561 Türkiye Other Total Türkiye Other Total 2022 9M 2023 9M 2022 9M 2023 9M 18
Slide 19: Guidance
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Guidance ✓ Q&A 19
Slide 20: Guidance
GUIDANCE 2023 GUIDANCE Initial (13.03.2023) Revision (07.11.2023) SALES GROWTH 75% (± 5 %) ~ 80% EBITDA MARGIN* 7,0% - 7,5% 7,5% - 8,0% CAPEX TO SALES 3,5% 3,2% * EBITDA Margin is after IFRS-16 20
Slide 21: Q&A
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Guidance ✓ Q&A 21
Slide 22: Q&A
Q&A 22
Slide 23: Appendixes: IFRS Statements
Appendixes IFRS Statements 23
Slide 24: IFRS Income Statement
IFRS INCOME STATEMENT 9 months ended 30 September 3 months ended 30 September TL million Change % Change % 9M 2022 9M 2023 Q3 2022 Q3 2023 9M 22 / 9M 23 Q3 22 / Q3 23 Net Sales 102.620 183.618 79% 41.171 74.406 81% (COGS) (84.124) (148.133) 76% (33.896) (58.835) 74% Gross Profit 18.496 35.485 92% 7.
Slide 25: IFRS Income Statement (w/o IFRS 16)
IFRS INCOME STATEMENT (w/o IFRS 16) 9 months ended 30 September 3 months ended 30 September TL million 9M 2022 9M 2023 Change % Q3 2022 Q3 2023 Change % Without IFRS16Without IFRS16 9M 22 / 9M 23 Without IFRS16 Without IFRS16 Q3 22 / Q3 23 Net Sales 102.620 183.618 79% 41.171 74.406 81% (COGS) (84.1
Slide 26: IFRS Balance Sheet
IFRS BALANCE SHEET As of 30 September TL Million 2022 2023 TOTAL CURRENT ASSETS 27.030 51.662 Cash & Cash Equivalents 1.116 3.261 Financial Investments 2.333 7.075 Trade Receivables 7.554 13.833 Prepayments 753 1.606 Inventories 14.246 24.024 Other Current Assets 1.028 1.863 TOTAL NON-CURRENT ASSETS
Slide 27: IFRS Cash Flow
IFRS CASH FLOW 9 months ended 30 September 3 months ended 30 September TL million 9M 2022 9M 2023 Q3 2022 Q3 2023 Net Income 4.805 8.043 1.778 3.857 D&A 1.822 3.249 666 1.248 Non Cash Tax Expense 1.120 2.285 368 1.389 Other Non-Cash Items 1.316 2.551 474 329 Funds From Operations 9.063 16.129 3.286
BİM Birleşik Mağazalar A.Ş. — Q3 2023 Earnings Presentation on 6ix