Bim Birlesik Magazalar A.s. · BIST:BIMAS

Bim Birlesik Magazalar A.s — FY2014 Earnings Presentation

25 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2015

  1. Slide 1: For the 12 months to 31 December 2014

    Forthe 12 months to 31 December 2014 TOPTAN FIYATINA : PERAKENDE SATIS

  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 for 2014

    HEADLINES FOR 2014 • Strong sales in 2014: Net Sales at 14,5TL billion (+22% YoY) • But weaker EBITDA and profit margins: EBITDA at 618,6 TL million (3,8% YoY) Net income at 395,3 TL million (-4,3 % YoY) • Continued Expansion CAPEX at 2,9% of sales = 412,3 TL million At the end of the year we had 4.

  4. Slide 4: Headlines for 2014 – Nr. 1

    HEADLINES FOR 2014 – Nr. 1 • BIM was rated as 3rd in “Q ratio” out of 250 retailers in the world also known as “Tobin’s Q” in recent Deloitte Report (climbed up from last year’s 4th position) • In the same Deloitte report BIM was rated as the leader in Turkish retail market • Ranked as151st largest

  5. Slide 5: Annual Net Sales and Gross Profit

    ANNUAL NET SALES AND GROSS PROFIT TL Million 16.000 Net Sales 2.600 14.463,1 Gross Profit 14.000 2.400 2.226,1 11.848,8 2.200 12.000 9.906,4 1.857,3 2.000 10.000 8.189,1 1.800 8.000 1.559,2 6.574,0 1.600 6.000 1.309,3 1.400 4.000 1.104,7 1.200 2.000 1.000 0 800 2010A 2011A 2012A 2013A 2014A Gross Ma

  6. Slide 6: Quarterly Net Sales and Gross Profit

    QUARTERLY NET SALES AND GROSS PROFIT TL Million Net Sales 800,0 4000 Gross Profit 3.752,7 3.754,3 700,0 3500 3.561,0 3.395,1 3000 3.132,2 589,4 563,2 600,0 545,4 2500 528,1 487,5 500,0 2000 1500 400,0 1000 300,0 500 0 200,0 4Q13 1Q14 2Q14 3Q14 4Q14 Gross Margin 15,6% 15,6% 15,3% 15,7% 15,0% 6

  7. Slide 7: Annual EBITDA and EBIT

    ANNUAL EBITDA AND EBIT TL Million 700 EBITDA 600 618,6 595,9 EBIT 500 491,2 400 428,2 485,1 481,9 397,7 300 356,4 351,2 291,5 200 100 0 2010 2011 2012 2013 2014 EBITDA Margin 5,4% 5,2% 5,0% 5,0% 4,3% EBIT Margin 4,4% 4,3% 4,0% 4,1% 3,3% 7

  8. Slide 8: Quarterly EBITDA and EBIT

    QUARTERLY EBITDA AND EBIT TL Million 200 180 EBITDA 160 176,5 160,1 140 EBIT 153,1 141,0 141,0 120 141,3 123,8 128,1 100 107,2 105,3 80 60 40 20 0 4Q13 1Q14 2Q14 3Q14 4Q14 EBITDA 4,9% 4,7% 4,0% 4,7% 3,8% EBIT 4,0% 3,8% 3,0% 3,8% 2,8% EBITDA – EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZAT

  9. Slide 9: EBITDA Margin Target vs Actual

    EBITDA MARGIN TARGET vs ACTUAL 6 EBITDA Margin % 5 0,3 5,0 5,0 0,4 4 4,3 3 2 1 0 2013 2014 Target Gross Margin Staff Cost 2014 Actual 9

  10. Slide 10: Annual Net Income

    ANNUAL NET INCOME TL Million 450 Net Income 400 412,9 395,3 350 300 331,8 250 298,9 245,6 200 150 2010A 2011A 2012A 2013A 2014A Net Income 3,7% 3,7% 3,3% 3,5% 2,7% Margin 10

  11. Slide 11: Quarterly Net Income

    QUARTERLY NET INCOME TL Million 130 Net Income 120 110 115,4 100 105,7 107,8 90 80 89,7 82,4 70 60 50 40 30 20 10 0 4Q13 1Q14 2Q14 3Q14 4Q14 Net Income 3,4% 3,2% 2,5% 3,1% 2,2% Margin 11

  12. Slide 12: Earnings and Dividend

    EARNINGS AND DIVIDEND Earnings Per Share and Dividend Per Share in Gross Dividend Yield & Payout Ratio TL TL Earnings Per Share Dividends Per Share in Gross Dividiend Payout Ratio Dividend Yield % 3 1,30 100 2,5 2,4 1,10 2,5 80 1,8 2 1,6 1,7 * 0,80 * 0,90 1,5 2 0,73 0,65 60 0,70 0,60 1,5 1 0,50 1,36

  13. Slide 13: Like for Like Sales Increase

    LIKE FOR LIKE SALES INCREASE Quarterly Annual 2013 Q4 2014 Q4 INCREASE 2013 A 2014 A INCREASE Like For Like Like For Like 2.790,0 3.061,5 9,7% 10.793,9 12.069,3 11,8% Sales (Mil TL) Sales (Mil TL) Like For Like Like For Like 11,80 12,93 11,35 12,50 10,2% Basket (TL) 9,5% Basket (TL) Like For Like Li

  14. Slide 14: Private Label Sales Continue to Grow

    PRIVATE LABEL SALES CONTINUE TO GROW 2013A 2014A BRANDED PRIVATE BRANDED 21,6% LABEL 20,5% 67,6% PRIVATE LABEL 69,4% EXCLUSIVE EXCLUSIVE 5,1% 5,3% SPOT SPOT 5,0% 5,5% 14

  15. Slide 15: Capex

    CAPEX 2014 Capex Breakdown Annual Capex & % of Net Sales Old Warehouse TL Million Maintenance 10,5% New Store 500 Annual CAPEX 3 Openings 450 % of Net Sales 2,9 46,1% 2,4 400 412,3 Old Store 350 Maintenance 2,2% 2,2% 2,1 2 15,9% 300 250 241,1 245,5 200 182,7 1 150 141,9 100 50 0 0 New Warehouse & La

  16. Slide 16: Strong Store Growth Continues

    STRONG STORE GROWTH CONTINUES Number of Stores 5.000 Stores in Turkey 4.000 4.502 4.000 3.000 3.289 3.655 2.951 2.000 1.000 0 2010 2011 2012 2013 2014 16

  17. Slide 17: Foreign Operations - Highlights

    FOREIGN OPERATIONS - HIGHLIGHTS MOROCCO EGYPT • 59 Stores opened in 2014 • BIM Stores LLC in Egypt is progressing well • By 31 December 2014 we have 223 • By 31 December 2014 we have 81 stores • Our aims for Morocco 2015 • Our target for 2015 is to open EBITDA positive in 2015 54 stores and reach 13

  18. Slide 18: New store concept

    • We are opening FIRST store in March • 10 stores to be opened in 2015 • 50 stores targeted in next 5 years • Business concept is: Discount philosophy in supermarket sub-segment It will operate with more SKUs (3.000 – 3.500) and more retail space (1.000 sqm vs. 300 sqm currently) Greater focus on fr

  19. Slide 19: Targets vs Actual

    TARGETS VS ACTUAL TARGET ACTUAL SALES GROWTH (%) 15 – 20 22 GROSS MARGIN (%) 15,5 - 16 15,4 EBITDA MARGIN (%) 5,0 4,3 CAPEX mil TL 400 412 NET INCOME MARGIN (%) 3,5 2,7 NEW STORES (excl Morocco and Egypt) 500 502 19

  20. Slide 20: Looking Forward to 2015

    LOOKING FORWARD TO 2015 2014 ACTUAL 2015 TARGET SALES GROWTH (%) 22,1 20 GROSS MARGIN (%) 15,4 15,5 EBITDA MARGIN (%) 4,3 4,5 CAPEX – Mil TL 412,3 mil 450 mil NEW STORE OPENINGS TURKEY 502 500 MOROCCO 59 81 EGYPT 46 54 FİLE - 10 TOTAL 607 645 20

  21. Slide 21: 21

    21

  22. Slide 22: Appendix

    APPENDIX

  23. Slide 23: IFRS Income Statement

    IFRS INCOME STATEMENT 3 months ended 31 December 12 months ended 31 December TL million 2013 2014 2013 2014 Net Sales 3.132,2 3.754,3 11.848,8 14.463,1 (COGS) (2.644,7) (3.191,1) (9.991,5) (12.237,0) Gross Profit 487,5 563,2 1.857,3 2.226,1 Total SG&A (334,4) (422,2) (1.261,4) (1.607,5) EBITDA 153,1

  24. Slide 24: IFRS Balance Sheet

    IFRS BALANCE SHEET As at 31 December TL million 2013 2014 Intangible assets 3,8 4,7 Tangible assets 981,0 1.243,2 Financial Investments (long term) 118,0 157,5 Other non-current assets 18,6 20,4 Total fixed assets 1.121,4 1.425,8 Trades receivable 344,8 445,3 Inventories 638,5 807,3 Prepayment and o

  25. Slide 25: IFRS Cash Flow

    IFRS CASH FLOW 3 months ended 31 December 12 months ended 31 December TL million 2013 2014 2013 2014 Net Income 105,7 82,4 412,9 395,3 D&A 29,3 35,7 110,8 136,7 Other non-cash items (3,6) (2,1) (17,3) (18,0) Funds from operations 131,4 116,0 506,4 514,0 Change in net working capital (80,1) 5,7 56,0

BIM Birleşik Mağazalar A.Ş. — FY2014 Earnings Presentation on 6ix