Bim Birlesik Magazalar A.s. · BIST:BIMAS
Bim Birlesik Magazalar A.s — FY2021 Earnings Presentation
29 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2022
Slide 1: 2021 Financial Results
2021 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 ✓ Q&A 3
Slide 4: Headlines of Key Figures for 2021
HEADLINES of KEY FIGURES for 2021 70,5 TL billion Sales (+27% YoY) 2,2 TL billion 10.489 total stores CAPEX at 3,2% of sales 1.124 new stores in 2021 6.481 TL million EBITDA 2.932 TL million Net Income (9,2% margin and 28% YoY) (4,2% margin,12% YoY) Top line growth and EBITDA margin above our 2021 g
Slide 5: 2021 Guidance vs Actual
2021 GUIDANCE VS ACTUAL 2021 GUIDANCE 2021 ACTUAL SALES GROWTH 20-25% 27% EBITDA MARGIN* 8,0% (± 0,5 %) 9,2% CAPEX 1,75 billion TL 2,2 billion TL *EBITDA margin is after IFRS-16. 5
Slide 6: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance ✓ Q&A 6
Slide 7: Like for Like Sales Increase (BIM Turkey)
LIKE FOR LIKE SALES INCREASE (BIM TURKEY*) QUARTERLY ANNUALLY 2020 Q4 2021 Q4 CHANGE 12M 2020 12M 2021 CHANGE Like-For-Like Sales Like-For-Like Sales 18.859 22.959 21,7% 18.371 20.890 13,7% (per store/per day (TL)) (per store/per day (TL)) Like-For-Like Basket Like-For-Like Basket 33,79 39,95 18,2%
Slide 8: Product Categories
PRODUCT CATEGORIES 2020 BİM TURKEY 2021 BİM TURKEY Branded; 22% Branded; 24% Private Label; Private Label; 64% 63% Spot; 9% Spot; 8% Exclusive; 6% Exclusive; 4% Total Number of Products (SKU) Other Operations PL Share in Sales (2021) BİM Format ~850 Morocco 25% FİLE Format ~4.500 Egypt 13% FİLE 33%
Slide 9: Digitalization
DIGITALIZATION BIM Market App; BIM online application, which offers consumer durable and consumer electronic products launched in December 2021. It is possible to examine the current products easily with the application that can be downloaded from the Appstore or Google Play. FILE Mobile App; FILE m
Slide 10: Expansion
EXPANSION Total Turkey (Inc. File) Other 4Q21 9.611 878 10.489 • Store growth 12% YoY 3Q21 9.456 874 10.330 • New opening in 2021 = 1.124 consolidated stores, net 2Q21 9.251 865 10.116 • Good pace of new store openings continues 1Q21 8.871 852 9.723 4Q20 8.530 835 9.365 10
Slide 11: Capex
CAPEX 3,5% 3,2% 2,9% 3,1% 3,0% 3,0% 2,4% 607 607 2.226 480 532 448 1.325 4Q20 1Q21 2Q21 3Q21 4Q21 12M 2020 12M 2021 Capex Capex to sales Capex Capex to sales • 3 new warehouses opened in 2021. • Accelerated store opening trend continues. • Increased construction costs due to TL depreciation. 11
Slide 12: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance ✓ Q&A 12
Slide 13: Net Sales & Gross Profit
NET SALES & GROSS PROFIT 19,9% 33% y-y 18,7% 18,8% 18,8% 18,4% 20.405 4.055 15.309 15.502 17.163 17.457 3.223 3.282 2.866 2.854 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 Revenues (TRY m) Gross Profit (TRY m) Gross Margin 19,0% 27% y-y 18,2% 70.527 13.414 55.495 10.119 12M 2020 12M 2021 12M 2
Slide 14: EBITDA & EBIT
EBITDA & EBIT 10,4% 8,0% 10,0% 7,6% 8,5% 8,8% 8,6% 5,9% 6,2% 6,1% 2.131 1.631 1.525 1.324 1.516 1.510 1.171 917 1.068 1.063 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 EBITDA (TRY m) EBITDA Margin EBIT (TRY m) EBIT Margin 9,1% 9,2% 6,7% 6,6% 6.481 4.678 5.067 3.697 12M 2020 12M 2021 12M 2020 1
Slide 15: Net Income
NET INCOME 5,4% 4,7% 4,2% 5,1% 4,4% 4,2% 3,1% 825 884 2.932 685 725 639 2.607 4Q20 1Q21 2Q21 3Q21 4Q21 12M 2020 12M 2021 Net Income (TRY m) Net Margin Net Income (TRY m) Net Margin • (-) One-off provision for the competition fine. • (+) FX gain 15
Slide 16: Annual Free Cashflow
ANNUAL FREE CASHFLOW 492 1.537 2.226 2.181 6.322 3.609 255 1.112 1.497 Opening Cash Funds from ope. Change in NWC CAPEX Other Inv. Act. Lease payment Dividend Dist. Other Closing Cash 16
Slide 17: Foreign Operations & FILE
FOREIGN OPERATIONS & FILE MOROCCO EGYPT FILE • 4 new stores opened in 4Q 2021 and • In Egypt, we have maintained our 300 • 7 new stores opened in 4Q. 43 stores in total in 2021. stores in 2021. • We opened 37 new stores in 2021 and • Sales trend is normalising like BIM reached 160 stores by end of Q
Slide 18: Foreign Operations' Contribution
FOREIGN OPERATIONS’ CONTRIBUTION Contribution to Consolidated Sales Contribution to Consolidated EBITDA (TL million) (TL million) 70.527 6.481 65.957 6.089 55.495 5.067 51.948 4.777 3.548 4.570 290 392 Turkey Other Total Turkey Other Total 2020 2021 2020 2021 18
Slide 19: Dividend
DIVIDEND Earnings|Cash Dividends Per Share (Gross TL) Cash Dividend Payout Ratio (%) 140% 6,00 77% 4,88 41%* 4,31 25% 2018 2019 2020 2021 E 2,08 2,04 2,00* Cash Dividend Yield (%) 1,59 8,7% 0,50 2018 2019 2020 2021 E 3,7% 2,7% Earnings Per Share Dividends Per Share in Gross 1,0% 2018 2019 2020 2021
Slide 20: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance ✓ Q&A 20
Slide 21: 2022 Guidance
2022 GUIDANCE 2021 ACTUAL 2022 GUIDANCE SALES GROWTH 27% 55% (± 5 %) EBITDA MARGIN* 9,2% 8,5% (± 0,5 %) CAPEX TO SALES 3,2% 3,2% *EBITDA margin is after IFRS-16. 21
Slide 22: Strategy Overview
STRATEGY OVERVIEW Supply Chain Management E – Commerce / Digitalization • Diversify suppliers. • Do not waste financial sources, act responsibly. • Use idle cash to secure product supply with affordable • Use e-commerce to meet growing demand for prices against high inflation and financial difficult
Slide 23: Agenda
✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ 2022 Guidance ✓ Q&A 23
Slide 24: Q&A
Q&A 24
Slide 25: Appendixes: IFRS Statements
Appendixes IFRS Statements 25
Slide 26: IFRS Income Statement
IFRS INCOME STATEMENT 12 months ended 31 December 3 months ended 31 December TL million Change % Change % 12M 2020 12M 2021 Q4 2020 Q4 2021 12 20 / 12 21 Q4 20 / Q4 21 Net Sales 55.495 70.527 27% 15.309 20.405 33% COGS (45.376) (57.113) 26% (12.443) (16.350) 31% Gross Profit 10.119 13.414 33% 2.866
Slide 27: 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 2020 12M 2021 Change % Q4 2020 Q4 2021 Change % Without IFRS16 Without IFRS16 12 20 / 12 21 Without IFRS16 Without IFRS16 Q4 20 / Q4 21 Net Sales 55.495 70.527 27% 15.309 20.405 33% (COGS) (45.3
Slide 28: IFRS Balance Sheet
IFRS BALANCE SHEET As of 31 December TL million 2020 2021 Intangible Assets 43 94 Tangible Assets 6.231 7.870 Right of Use Assets (IFRS 16) 5.399 7.086 Financial Investments (Long term) 523 978 Other Non-Current Assets 98 372 Total Fixed Assets 12.294 16.401 Trades Receivable 2.615 3.775 Financial I
Slide 29: IFRS Cash Flow
IFRS CASH FLOW 12 months ended 31 December 3 months ended 31 December TL million 12M 2020 12M 2021 Q4 2020 Q4 2021 Net Income 2.607 2.951 825 642 D&A 1.370 1.803 355 499 Non Cash Tax Expense 745 959 237 396 Other Non-Cash Items 402 1.622 48 1.325 Funds From Operations 5.123 7.335 1.465 2.863 Change
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