Bim Birlesik Magazalar A.s. · BIST:BIMAS
Bim Birlesik Magazalar A.s — FY2022 Earnings Presentation
33 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2023
Slide 1: 2022 Financial Results
2022 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 ✓ 2023 Guidance ✓ Q&A 3
Slide 4: Headlines of Key Figures for 2022
HEADLINES of KEY FIGURES for 2022 147,7 billion TL sales 65% PL share (+109% YoY) (64% in 2021) 5,1 billion TL CAPEX 11.510 total stores (3,5% of sales) (1.021 new stores in 2022) 11,9 billion TL EBITDA 8,2 billion TL Net Income (8,0% margin and +80% YoY) (5,5% margin,178% YoY, deferred tax excluded
Slide 5: 2022 Guidance vs Actual
2022 GUIDANCE VS ACTUAL 2022 GUIDANCE 2022 ACTUAL Initial First Revision Second Revision (2.03.2022) (9.05.2022) (17.08.2022) SALES GROWTH 50 – 60 % 70 – 80 % 100 – 110 % 109% EBITDA MARGIN* 8,5% (± 0,5 %) 8,5% (± 0.5 %) 8,5% (± 0.5 %) 8,0% CAPEX to SALES 3,2 % 3,2 % 3,2 % 3,5 % *EBITDA margin is af
Slide 6: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2023 Guidance ✓ Q&A 6
Slide 7: Like for Like Sales Increase (BIM Turkiye)
LIKE FOR LIKE SALES INCREASE (BIM TURKIYE*) QUARTERLY ANNUALLY 12M 2021 12M 2022 CHANGE 2021 Q4 2022 Q4 CHANGE Like-For-Like Sales Like-For-Like Sales 20.231 38.937 92,5% 22.245 45.806 105,9% (per store/per day (TL)) (per store/per day (TL)) Like-For-Like Basket Like-For-Like Basket 37,79 66,95 77,2
Slide 8: Expansion
EXPANSION Total Turkey (Inc. File) Other 4Q22 10.572 938 11.510 • Store growth 10% YoY 3Q22 10.358 916 11.274 • New opening in 2022: 1.021 consolidated stores, net 2Q22 10.159 906 11.065 • The number of BİM Mini stores reached 165 as of 2022. 1Q22 9.886 892 10.778 4Q21 9.611 878 10.489 8
Slide 9: Capex
CAPEX 4,1% 3,5% 3,1% 3,1% 3,2% 3,2% 3,0% 1.859 5.112 1.319 1.081 853 2.226 607 4Q21 1Q22 2Q22 3Q22 4Q22 12M 2021 12M 2022 Capex Capex to sales Capex Capex to sales • 4 new warehouses opened in 2022 and 2 more under construction. • Investments for biscuits and chocolate production facility. • Increas
Slide 10: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS ENVIRONMENTAL SOCIAL GOVERNANCE 10 Solar Power Plant with 15 MW Net Promoter Score of BİM was 24* in 2 New Policies adopted: installed power. We aim to reach 40 MW 2022, which is highest compared to other Diversity and Inclusion Policy and in 2023. national chain. Competiti
Slide 11: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2023 Guidance ✓ Q&A 11
Slide 12: Net Sales & Gross Profit
NET SALES & GROSS PROFIT 120% y-y 19,9% 18,6% 18,0% 17,7% 18,4% 41.171 45.095 34.135 7.275 8.277 27.314 5.068 6.154 20.496 4.075 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q22 4Q22 Revenues (TRY m) Gross Profit (TRY m) Gross Margin 109% y-y 19,0% 18,1% 147.716 26.774 70.699 13.460 12M 2021 12M 2022 12
Slide 13: Revenue Breakdown
REVENUE BREAKDOWN BY FORMAT AND GEOGRAPHY (2022) BY CATEGORY* (2022) Branded; Private FİLE; 4,2% 27,5% BİM-TR; 90% Label; 64,9% BİM-MOROCCO; 4,6% BİM-EGYPT; 1,2% Spot; 6,1% Exclusive; 1,5% *BİM Türkiye Other Operations PL Share in Sales (2022) Morocco 24% Egypt 15% FİLE 33% 13
Slide 14: Opex Management - Quarterly
OPEX MANAGEMENT - QUARTERLY 13,00% 12,50% +46bp -1bp +9bp -5bp %11,79 12,00% -4bp -73bp +5bp %11,57 11,50% 11,00% 10,50% 10,00% 4Q21 OPEX Other Advertising costs 4Q22 OPEX Personnel expenses D&A Vehicles fuel & Utility Expense Packaging Expenses maintenance expense % of revenues: 4Q21 6,63% 0,78% 0,
Slide 15: Opex Management - Annually
OPEX MANAGEMENT - ANNUALY 13,50% +14bp 13,00% -6bp +46bp +1bp 12,50% %12,29 -30bp -79bp +10bp %11,86 12,00% 11,50% 11,00% 10,50% 10,00% Packaging Expenses Utility Expense Other Advertising costs Personnel expenses 2021 OPEX Vehicles fuel & D&A 2022 OPEX maintenance expense % of revenues: 2021 7,05%
Slide 16: Operating Leverage
OPERATING LEVERAGE 12,2% 12,2% 12,3% 11,8% 11,5% 11,5% 11,8% 5.040 5.200 17.499 3.941 3.319 2.416 8.687 4Q21 1Q22 2Q22 3Q22 4Q22 12M 2021 12M 2022 Opex (TRY m) Opex to Sales (%) Opex (TRY m) Opex to Sales (%) 16
Slide 17: EBITDA & EBIT
EBITDA & EBIT 8,1% 10,5% 6,8% 6,4% 6,5% 8,4% 8,2% 8,5% 5,4% 7,0% 3.078 3.849 2.213 2.236 2.305 2.812 2.902 1.659 1.748 2.158 4Q21 1Q22 2Q22 3Q22 4Q22 4Q21 1Q22 2Q22 3Q22 4Q22 EBITDA (TRY m) EBITDA Margin EBIT (TRY m) EBIT Margin 9,3% 8,0% 6,8% 6,3% 9.274 11.867 6.576 4.774 12M 2021 12M 2022 12M 2021
Slide 18: Net Income
NET INCOME 7,5% 5,5% 4,9% 4,9% 4,3% 3,1% 837 4,1% 821 Deferred Tax Deferred Tax 2.527 7.336 DT excl. DT excluded Net Margin Net Margin 1.676 1.775 5,6% 1.342 2.932 5,0% 639 4Q21 1Q22 2Q22 3Q22 4Q22 12M 2021 12M 2022 Net Income (TRY m) Net Margin Net Income (TRY m) Net Margin 427% y-y increase in 4Q2
Slide 19: Quarterly Cash Flow Bridge
QUARTERLY CASH FLOW BRIDGE 579 1.859 437 654 3.668 897 214 2.175 1.116 (million TL) Cash position Funds from Change in CAPEX Other inv. Lease Dividend Other Cash position (3Q22) operations NWC Activities payment (4Q22) % of revenues: 4Q21 13,2% -5,1% -3,0% 3,5% -2,2% -5,9% -1,2% 4Q22 8,1% 1,3% -4,1%
Slide 20: FİLE
FİLE • 202 stores in 24 cities. 42 new stores in 2022. • 4th warehouse to be opened nearby Izmir. 202 Stores • FİLE online shopping platform operates with 49 stores, of which one 3 Logistic of them is dark store. One more dark store is under construction. Centers • Online sales form 4% of FİLE’s rev
Slide 21: Foreign Operations
FOREIGN OPERATIONS BIM MAROC BIM EGYPT 627 Stores 311 Stores 3 Logistic 2 Logistic Centers Centers The 4th warehouse is under construction. The improvement continues. 49 new stores in 2022. 11 new stores in 2022. 21
Slide 22: Foreign Operations' Contribution
FOREIGN OPERATIONS’ CONTRIBUTION Contribution to Consolidated Sales Contribution to Consolidated EBITDA (TL million) (TL million) 147.716 11.867 139.063 11.338 6.184 6.576 66.129 70.699 4.570 8.652 392 529 Türkiye Other Total Türkiye Other Total 2021 2022 2021 2022 22
Slide 23: The Impact of the Earthquakes
THE IMPACT OF THE EARTHQUAKES Impacts of the earthquakes; Relief efforts; • There are 27 BIM employees among citizens who lost • In order to meet the needs in the disaster area, we their lives. provided more than 100 million TL in cash and in kind at the first stage. • It is estimated that the numbe
Slide 24: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2023 Guidance ✓ Q&A 24
Slide 25: 2023 Guidance
2023 GUIDANCE 2022 ACTUAL 2023 GUIDANCE SALES GROWTH 109% 75% (± 5%) EBITDA MARGIN* 8,0% 7,0% - 7,5% CAPEX TO SALES 3,5% 3,5% *EBITDA margin is after IFRS-16. 25
Slide 26: Strategy Overview
STRATEGY OVERVIEW • Priority of the earthquake region. • Expansion of the number of SKU. • Further improve quality of Private Labels. • Biscuit and chocolate production (Es Global) to be initialized in 4Q23. • Further expansion of BİM Mini stores after a trial period. • Improvement of ESG practices.
Slide 27: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2023 Guidance ✓ Q&A 27
Slide 28: Q&A
Q&A 28
Slide 29: Appendixes: IFRS Statements
Appendixes IFRS Statements 29
Slide 30: IFRS Income Statement
IFRS INCOME STATEMENT 12 months ended 31 December 3 months ended 31 December TL million Change % Change % 12M 2021 12M 2022 Q4 2021 Q4 2022 12 21 / 12 22 Q4 21 / Q4 22 Net Sales 70.699 147.716 109% 20.496 45.095 120% COGS (57.238) (120.942) 111% (16.421) (36.818) 124% Gross Profit 13.460 26.774 99%
Slide 31: IFRS Income Statement (w/o IFRS 16)
IFRS INCOME STATEMENT (w/o IFRS 16) 12 months ended 31 December 3 months ended 31 December TL million 12M 2021 12M 2022 Change % Q4 2021 Q4 2022 Change % Without IFRS16 Without IFRS16 12 21 / 12 22 Without IFRS16 Without IFRS16 Q4 21 / Q4 22 Net Sales 70.699 147.716 109% 20.496 45.095 120% (COGS) (5
Slide 32: IFRS Balance Sheet
IFRS BALANCE SHEET As of 31 December TL Million 2021 2022 TOTAL CURRENT ASSETS 14.011 28.095 Cash & Cash Equivalents 1.497 2.182 Financial Investments 1.492 2.012 Trade Receivables 3.775 7.074 Prepayments 366 977 Inventories 6.693 14.632 Other Current Assets 188 1.218 TOTAL NON-CURRENT ASSETS 16.401
Slide 33: IFRS Cash Flow
IFRS CASH FLOW 12 months ended 31 December 3 months ended 31 December TL million 12M 2021 12M 2022 Q4 2021 Q4 2022 Net Income 2.951 8.159 642 3.354 D&A 1.803 2.593 499 771 Non Cash Tax Expense 959 640 396 (480) Other Non-Cash Items 1.622 1.674 1.325 359 Funds From Operations 7.335 13.066 2.863 4.003
BİM Birleşik Mağazalar A.Ş. — FY2022 Earnings Presentation on 6ix