Bim Birlesik Magazalar A.s. · BIST:BIMAS
Bim Birlesik Magazalar A.s — Q1 2022 Earnings Presentation
25 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2022
Slide 1: Q1|22 Financial Results
Q1|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
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance Update ✓ Q&A 3
Slide 4: Headlines of Key Figures for Q1 2022
HEADLINES of KEY FIGURES for Q1 2022 27,3 TL billion 67% PL share Sales (+76% YoY) vs. 62% in 1Q 2021 853 TL million 10.778 total stores CAPEX at 3,1% of sales 289 new stores in 1Q 2022 2.284 TL million EBITDA 1.342 TL million Net Income (8,4% margin and 73% YoY) (4,9% margin,96% YoY) Better than ex
Slide 5: Agenda: Operational Performance
✓ 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 2021 Q1 2022 Q1 CHANGE Like-For-Like Sales 18.806 30.317 61,2% (per store/per day (TL)) Like-For-Like Basket 35,45 51,55 45,4% (TL/per visit) Like-For-Like Customer Traffic 530 588 10,9% (per store/per day) Number of working days 90 90 10,9% 45,4%
Slide 7: Expansion
EXPANSION Total Turkey (Inc. File) Other 1Q22 9.886 892 10.778 • Store growth 11% YoY 4Q21 9.611 878 10.489 • New opening in 1Q22 = 289 • Good pace of new store openings 3Q21 9.456 874 10.330 continues 2Q21 9.251 865 10.116 1Q21 8.871 852 9.723 7
Slide 8: Capex
CAPEX 3,5% 3,1% 3,0% 3,0% 3,1% • 1 new warehouse opened in 1Q22. • Strong store opening trend continues. 853 • Increased construction costs due to TL 480 607 532 607 depreciation. 1Q21 2Q21 3Q21 4Q21 1Q22 Capex Capex to sales 8
Slide 9: Agenda: Financial Performance
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance Update ✓ Q&A 9
Slide 10: Net Sales & Gross Profit
NET SALES & GROSS PROFIT 19,9% 76% y-y 18,8% 18,8% 18,5% 18,4% 27.267 5.056 20.405 4.055 15.502 17.163 17.457 3.223 3.282 2.854 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 Revenues (TRY m) Gross Profit (TRY m) Gross Margin • Revenues boosted by high inflation, trading • Normalization in gross
Slide 11: Revenue Breakdown
REVENUE BREAKDOWN BY FORMAT AND GEOGRAPHY BY CATEGORY* Branded; BİM-TR; FİLE; 4,1% Private 25,6% 89,2% Label; 67,2% BİM-MOROCCO; 5,2% BİM-EGYPT; 1,5% Spot; 5,8% Exclusive; 1,4% *BİM Turkey Share of Private Labels within total sales increased to 67,2% in 1Q22 from 62,5% in 1Q21. 11
Slide 12: Opex Management
OPEX MANAGEMENT 12,90% +13bp -2bp 12,70% +6bp %12,50 +56bp 12,50% 12,30% +10bp %12,21 -59bp 12,10% -53bp 11,90% 11,70% 11,50% Other Advertising costs Personnel expenses 1Q21 OPEX to Sales D&A Utility Expense maintenance expense 1Q22 OPEX to Sales Packaging Expenses Vehicles fuel & % of revenues 1Q21
Slide 13: EBITDA & EBIT
EBITDA & EBIT 10,4% 8,0% 8,5% 8,8% 8,6% 5,9% 6,2% 6,1% 6,3% 8,4% 2.131 2.284 1.631 1.728 1.324 1.516 1.510 1.068 1.063 917 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 EBITDA (TRY m) EBITDA Margin EBIT (TRY m) EBIT Margin 13
Slide 14: Net Income
NET INCOME 5,1% 4,9% 4,4% 4,2% 3,1% 1.342 884 685 725 639 1Q21 2Q21 3Q21 4Q21 1Q22 Net Income (TRY m) Net Margin (+) Strong operational performance (+) One-off tax benefit (35bps) 14
Slide 15: Foreign Operations
FOREIGN OPERATIONS BIM Morocco BIM Egypt 592 Stores 300 Stores 3 Logistic 2 Logistic Centers Centers The 4th warehouse is under construction. Preliminary sign of a recovery. 15
Slide 16: FİLE
FİLE • 176 stores in 22 cities. 176 Stores • FİLE online shopping platform covers 21 cities in Turkey. • Online sales form 4% of FİLE’s 3 Logistic revenues. Centers • 33% share of Private Labels within FİLE’s total sales. 16
Slide 17: Agenda: 2022 Guidance Update
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance Update ✓ Q&A 17
Slide 18: 2022 Guidance Update
2022 GUIDANCE UPDATE 2022 GUIDANCE 2022 GUIDANCE Initial (02.03.2022) Revision (09.05.2022) SALES GROWTH 55% (± 5 %) 75% (± 5 %) EBITDA MARGIN* 8,5% (± 0,5 %) 8,5% (± 0,5 %) CAPEX TO SALES 3,2% 3,2% *EBITDA margin is after IFRS-16. 18
Slide 19: Agenda: Q&A
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance Update ✓ Q&A 19
Slide 20: Q&A
Q&A 20
Slide 21: Appendixes: IFRS Statements
Appendixes IFRS Statements 21
Slide 22: IFRS Income Statement
IFRS INCOME STATEMENT 3 months ended 31 March TL million Change % 3M 2021 3M 2022 3M 21 / 3M 22 Net Sales 15.502 27.267 76% COGS (12.648) (22.211) 76% Gross Profit 2.854 5.056 77% Total SG&A (1.937) (3.328) 72% EBIT 917 1.728 89% Net financial inc/(exp) (178) (214) 20% Other income/(expenses) 107 11
Slide 23: IFRS Income Statement (w/o IFRS 16)
IFRS INCOME STATEMENT (w/o IFRS 16) 3 months ended 31 March TL million 3M 2021 3M 2022 Change % Without IFRS16 Without IFRS16 3M 21 / 3M 22 Net Sales 15.502 27.267 76% (COGS) (12.648) (22.211) 76% Gross Profit 2.854 5.056 77% Total SG&A (2.037) (3.513) 72% EBIT 816 1.542 89% Net financial inc/(exp)
Slide 24: IFRS Balance Sheet
IFRS BALANCE SHEET As of 31 March TL million 2021 2022 Intangible Assets 43 93 Tangible Assets 6.560 8.438 Right of Use Assets (IFRS 16) 5.843 7.689 Financial Investments (Long term) 523 978 Other Non-Current Assets 105 455 Total Fixed Assets 13.074 17.652 Trades Receivable 2.614 5.186 Financial Inv
Slide 25: IFRS Cash Flow
IFRS CASH FLOW 3 months ended 31 March TL million 3M 2021 3M 2022 Net Income 685 1.344 D&A 407 556 Non Cash Tax Expense 149 283 Other Non-Cash Items 8 902 Funds From Operations 1.249 3.086 Change In Net Working Capital (74) (1.852) Tax & Other Payments (259) (520) Operating Cash Flow 916 714 Capital
BİM Birleşik Mağazalar A.Ş. — Q1 2022 Earnings Presentation on 6ix