Bim Birlesik Magazalar A.s. · BIST:BIMAS
Bim Birlesik Magazalar A.s — Q2 2022 Earnings Presentation
26 slides from Bim Birlesik Magazalar A.s's earnings presentation, August 2022
Slide 1: Q2|22 Financial Results
Q2|22 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 ✓ 2022 Guidance Update ✓ Q&A 3
Slide 4: Headlines of Key Figures for Q2 2022
HEADLINES of KEY FIGURES for Q2 2022 34,0 TL billion 64% PL share Sales (+98% YoY) vs. 60% in 2Q 2021 1.081 TL million 11.065 total stores CAPEX at 3,2% of sales 287 new stores in 2Q 2022 2.769 TL million EBITDA 1.676 TL million Net Income (8,1% margin and 83% YoY) (4,9% margin,131% YoY) Better than
Slide 5: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance Update ✓ Q&A 5
Slide 6: Like for Like Sales Increase (BIM Turkey)
LIKE FOR LIKE SALES INCREASE (BIM TURKEY*) QUARTERLY SEMI - ANNUALLY 2021 Q2 2022 Q2 CHANGE 6M 2021 6M 2022 CHANGE Like-For-Like Sales Like-For-Like Sales 20.602 36.992 79,6% 19.611 33.550 71,1% (per store/per day (TL)) (per store/per day (TL)) Like-For-Like Basket Like-For-Like Basket 39,05 61,31 5
Slide 7: Expansion
EXPANSION Total Turkey (Inc. File) Other 2Q22 10.159 906 11.065 • Store growth 9% YoY 1Q22 9.886 892 10.778 • New opening in 2Q22 = 287 • Good pace of new store openings 4Q21 9.611 878 10.489 continues 3Q21 9.456 874 10.330 2Q21 9.251 865 10.116 7
Slide 8: Capex
CAPEX 3,5% 3,0% 3,1% 3,2% 3,0% 3,3% 3,2% 1.081 853 1.934 607 532 607 1.088 2Q21 3Q21 4Q21 1Q22 2Q22 6M 2021 6M 2022 Capex Capex to sales Capex Capex to sales • 2 new warehouses opened in 1H22 and 2 more under construction. • Strong store opening trend continues. • Increased construction costs due to
Slide 9: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance Update ✓ Q&A 9
Slide 10: Net Sales & Gross Profit
NET SALES & GROSS PROFIT 18,8% 18,8% 19,9% 18,5% 18,0% 98% y-y 34.030 27.267 6.132 20.405 5.056 17.163 17.457 3.223 3.282 4.055 2Q21 3Q21 4Q21 1Q22 2Q22 2Q21 3Q21 4Q21 1Q22 2Q22 Revenues (TRY m) Gross Profit (TRY m) Gross Margin 18,6% 18,3% 88% y-y 61.297 11.188 32.665 6.077 6M 2021 6M 2022 6M 2021
Slide 11: Revenue Breakdown
REVENUE BREAKDOWN BY FORMAT AND GEOGRAPHY (2Q22) BY CATEGORY* (2Q22) Branded; BİM-TR; 89,9% FİLE; 4,0% Private Label; 28,6% 63,7% BİM-MOROCCO; 4,9% BİM-EGYPT; 1,2% Spot; 6,3% Exclusive; 1,4% *BİM Turkey Share of Private Labels within total sales increased to 63,7% in 2Q22 from 60,3% in 2Q21. 11
Slide 12: Opex Management
OPEX MANAGEMENT 12,90% 12,70% %12,56 +20bp 12,50% -7bp +40bp 0bp 12,30% 12,10% -68bp 11,90% +9bp %11,65 11,70% -85bp 11,50% Other 2Q21 OPEX 2Q22 OPEX Advertising costs Personnel expenses Vehicles fuel & D&A Utility Expense Packaging Expenses maintenance expense % of revenues: 2Q21 7,28% 0,67% 0,14%
Slide 13: EBITDA & EBIT
EBITDA & EBIT 8,0% 6,4% 8,6% 10,4% 8,4% 8,1% 6,2% 6,1% 6,3% 8,8% 2.769 2.169 2.131 2.284 1.631 1.728 1.516 1.510 1.068 1.063 2Q21 3Q21 4Q21 1Q22 2Q22 2Q21 3Q21 4Q21 1Q22 2Q22 EBITDA (TRY m) EBITDA Margin EBIT (TRY m) EBIT Margin 8,7% 8,2% 6,1% 6,4% 5.053 3.897 2.840 1.984 6M 2021 6M 2022 6M 2021 6M
Slide 14: Net Income
NET INCOME 4,9% 5,1% 4,9% 4,9% 4,2% 3,1% 4,3% 1.676 3.018 1.342 725 884 1.410 639 2Q21 3Q21 4Q21 1Q22 2Q22 6M 2021 6M 2022 Net Income (TRY m) Net Margin Net Income (TRY m) Net Margin (+) Strong operational performance 14
Slide 15: Cash Flow Bridge
CASH FLOW BRIDGE 230 1.081 2.237 245 544 897 22 1.976 1.656 (million TL) Cash position Funds from Change in CAPEX Other inv. Lease Dividend Other Cash position (1Q22) operations NWC activities payment (2Q22) % of revenues: 2Q21 10,3% -1,7% -3,5% 7,7% -2,1% -7,0% -0,1% 2Q22 6,6% 0,7% -3,2% -0,7% -1,6
Slide 16: Foreign Operations
FOREIGN OPERATIONS BIM Morocco BIM Egypt 604 Stores 302 Stores 3 Logistic 2 Logistic Centers Centers The 4th warehouse is under construction. Preliminary sign of a recovery. 16
Slide 17: FİLE
FİLE • 181 stores in 23 cities. 181 Stores • FİLE online shopping platform operates with 49 stores. • Online sales form 4% of FİLE’s 3 Logistic revenues. Centers • 32% share of Private Labels within FİLE’s total sales. 17
Slide 18: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance Update ✓ Q&A 18
Slide 19: 2022 Guidance
2022 GUIDANCE 2022 GUIDANCE Initial (02.03.2022) Revision (09.05.2022) Revision (17.08.2022) SALES GROWTH 55% (± 5 %) 75% (± 5 %) 100% - 110% EBITDA MARGIN* 8,5% (± 0,5 %) 8,5% (± 0,5 %) 8,5% (± 0,5 %) CAPEX TO SALES 3,2% 3,2% 3,2% *EBITDA margin is after IFRS-16. 19
Slide 20: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance Update ✓ Q&A 20
Slide 21: Q&A
Q&A 21
Slide 22: Appendixes: IFRS Statements
Appendixes IFRS Statements 22
Slide 23: IFRS Income Statement
IFRS INCOME STATEMENT 6 months ended 30 June 3 months ended 30 June TL million Change % Change % 6M 2021 6M 2022 Q2 2021 Q2 2022 6M 21 / 6M 22 Q2 21 / Q2 22 Net Sales 32.665 61.297 88% 17.163 34.030 98% COGS (26.588) (50.110) 88% (13.940) (27.898) 100% Gross Profit 6.077 11.188 84% 3.223 6.132 90% T
Slide 24: IFRS Income Statement (w/o IFRS 16)
IFRS INCOME STATEMENT (w/o IFRS 16) 6 months ended 30 June 3 months ended 30 June TL million 6M 2021 6M 2022 Change % Q2 2021 Q2 2022 Change % Without IFRS16 Without IFRS16 6M 21 / 6M 22 Without IFRS16 Without IFRS16 Q2 21 / Q2 22 Net Sales 32.665 61.297 88% 17.163 34.030 98% (COGS) (26.588) (50.110
Slide 25: IFRS Balance Sheet
IFRS BALANCE SHEET As of 30 June TL million 2021 2022 Intangible Assets 45 93 Tangible Assets 6.978 9.131 Right of Use Assets (IFRS 16) 6.301 8.598 Financial Investments (Long term) 523 978 Other Non-Current Assets 152 635 Total Fixed Assets 13.998 19.435 Trades Receivable 2.672 6.121 Financial Inve
Slide 26: IFRS Cash Flow
IFRS CASH FLOW 6 months ended 30 June 3 months ended 30 June TL million 6M 2021 6M 2022 Q2 2021 Q2 2022 Net Income 1.416 3.028 732 1.683 D&A 856 1.156 449 599 Non Cash Tax Expense 462 752 313 469 Other Non-Cash Items 501 841 493 (61) Funds From Operations 3.236 5.777 1.987 2.691 Change In Net Workin
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