Bim Birlesik Magazalar A.s. · BIST:BIMAS

Bim Birlesik Magazalar A.s — Q2 2023 Earnings Presentation

25 slides from Bim Birlesik Magazalar A.s's earnings presentation, 2023

  1. Slide 1: Q2|23 Financial Results

    Q2|23 FINANCIAL RESULTS 1

  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: Highlights, Operational Performance, Financial Performance, Q&A

    ✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 3

  4. Slide 4: Headlines of Key Figures for Q2 2023

    HEADLINES of KEY FIGURES for Q2 2023 57,9 billion TL sales (+70% YoY) 2,0 billion TL CAPEX 11.818 total stores (3,5% of sales) 293 new stores in 2Q 2023 4,3 billion TL EBITDA 2,84 billion TL Net Income (7,4% margin and +53% YoY) (4,9% margin,70% YoY) Results are in-line with our FY guidance. Q-Q imp

  5. Slide 5: Operational Performance agenda

    ✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 5

  6. Slide 6: Like for Like Sales Increase (BİM Türkiye)

    LIKE FOR LIKE SALES INCREASE (BIM TURKIYE*) QUARTERLY SEMI - ANNUALLY 2022 Q2 2023 Q2 CHANGE 6M 2022 6M 2023 CHANGE Like-For-Like Sales Like-For-Like Sales 35.853 58.954 64,4% 32.442 55.505 71,1% (per store/per day (TL)) (per store/per day (TL)) Like-For-Like Basket Like-For-Like Basket 61,56 102,98

  7. Slide 7: Expansion

    EXPANSION Total Türkiye (Inc. File) Other 2Q23 10.830 988 11.818 • Store growth 7% YoY • New openings in Turkiye in 2Q23: 267 1Q23 10.563 962 11.525 • New store openings in 1H23 533 Store closures due to earthquake (225) 4Q22 10.572 938 11.510 Net store openings in 1H23 308 • The number of BİM Mini

  8. Slide 8: CAPEX

    CAPEX 4,1% 3,4% 3,2% 3,2% 3,2% 3,5% 3,1% 3.664 1.859 2.025 1.638 1.319 1.934 1.081 2Q22 3Q22 4Q22 1Q23 2Q23 6M 2022 6M 2023 Capex Capex to sales Capex Capex to sales • Investments for biscuits and chocolate production facility continues. 8

  9. Slide 9: Financial Performance agenda

    ✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 9

  10. Slide 10: Net Sales & Gross Profit

    NET SALES & GROSS PROFIT 70% y-y 18,5% 18,0% 18,4% 18,0% 17,7% 57.878 10.694 51.335 9.220 41.171 45.095 8.277 34.135 6.154 7.275 2Q22 3Q22 4Q22 1Q23 2Q23 2Q22 3Q22 4Q22 1Q23 2Q23 Revenues (TRY m) Gross Profit (TRY m) Gross Margin 78% y-y 18,3% 18,2% 109.213 19.914 61.449 11.221 6M 2022 6M 2023 6M 20

  11. Slide 11: Revenue Breakdown

    REVENUE BREAKDOWN BY FORMAT AND GEOGRAPHY (2Q23) BY CATEGORY* (2Q23) Branded; FİLE; 5,5% 29,6% BİM-TR; 89,3% Private Label; 61,8% BİM-MOROCCO; 4,3% BİM-EGYPT; 0,9% Spot; 7,2% Exclusive; 1,4% *BİM Türkiye 11

  12. Slide 12: OPEX Management

    OPEX MANAGEMENT 13,5% +142bp -21bp +16bp 12,88% 13,0% -4bp -15bp +12bp +3bp 12,5% 12,0% 11,54% 11,5% 11,0% 10,5% 10,0% Other Advertising costs 2Q22 OPEX/Sales 2Q23 OPEX/Sales Personnel expenses D&A Utility Expense Packaging Expenses maintenance expense Vehicles fuel & % of revenues: 2Q22 6,58% 1,07%

  13. Slide 13: EBITDA & EBIT

    EBITDA & EBIT 6,5% 5,4% 6,8% 5,6% 8,2% 8,5% 7,4% 4,3% 7,0% 6,1% 4.292 3.078 3.239 3.849 2.812 2.902 3.138 2.213 2.236 2.190 2Q22 3Q22 4Q22 1Q23 2Q23 2Q22 3Q22 4Q22 1Q23 2Q23 EBITDA (TRY m) EBITDA Margin EBIT (TRY m) EBIT Margin 8,3% 6,8% 6,4% 5,0% 7.431 5.429 5.117 3.961 6M 2022 6M 2023 6M 2022 6M 2

  14. Slide 14: Net Income

    NET INCOME 7,5% 4,9% 3,8% 4,9% 4,3% 4,9% 2,6% 3.364 4.199 2.845 3.018 1.676 1.775 1.354 2Q22 3Q22 4Q22 1Q23 2Q23 6M 2022 6M 2023 Net Income (TRY m) Net Margin Net Income (TRY m) Net Margin • 70% y-y increase in 2Q23 • 39% y-y increase in 6M23 14

  15. Slide 15: Quarterly Cash Flow Bridge

    QUARTERLY CASH FLOW BRIDGE 2.448 2.025 167 859 1.251 314 4.465 3.981 1.685 (million TL) Cash position Funds from Change in CAPEX Other inv. Lease Dividend Dist. Other Cash position (1Q23) operations NWC Activities payment (2Q23) % of revenues: 1Q23 6,9% 2,5% -3,2% -0,7% -1,6% -2,6% -2,2% 2Q23 7,7% 4

  16. Slide 16: FİLE

    FİLE • 219 stores in 26 cities. 8 new stores in 2Q23. • 4th warehouse to be opened nearby Izmir. 219 Stores • FİLE online shopping platform operates with 52 stores, of which two 3 Logistic of them are dark store. Centers • Online sales form 5% of FİLE’s revenues. • 31% share of Private Labels within

  17. Slide 17: Foreign Operations

    FOREIGN OPERATIONS BIM MAROC BIM EGYPT 659 Stores 329 Stores 3 Logistic 2 Logistic Centers Centers The 4th warehouse is under construction. The improvement continues. 18 new stores in 2Q23. 8 new stores in 2Q23. Looking for new warehouse locations 17

  18. Slide 18: Foreign Operations' Contribution

    FOREIGN OPERATIONS’ CONTRIBUTION Contribution to Consolidated Sales Contribution to Consolidated EBITDA (TL million) (TL million) 7.116 7.431 103.575 109.213 4.840 5.117 57.537 61.449 3.913 5.637 277 315 Türkiye Other Total Türkiye Other Total 2022 6M 2023 6M 2022 6M 2023 6M 18

  19. Slide 19: Q&A agenda

    ✓ Highlights ✓ Operational Performance ✓ Financial Performance ✓ Q&A 19

  20. Slide 20: Q&A

    Q&A 20

  21. Slide 21: Appendixes: IFRS Statements

    Appendixes IFRS Statements 21

  22. Slide 22: IFRS Income Statement

    IFRS INCOME STATEMENT 6 months ended 30 June 3 months ended 30 June TL million Change % Change % 6M 2022 6M 2023 Q2 2022 Q2 2023 6M 22 / 6M 23 Q2 22 / Q2 23 Net Sales 61.449 109.213 78% 34.135 57.878 70% COGS (50.228) (89.298) 78% (27.982) (47.184) 69% Gross Profit 11.221 19.914 77% 6.154 10.694 74%

  23. Slide 23: 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 2022 6M 2023 Change % Q2 2022 Q2 2023 Change % Without IFRS16 Without IFRS16 6M 22 / 6M 23 Without IFRS16 Without IFRS16 Q2 22 / Q2 23 Net Sales 61.449 109.213 78% 34.135 57.878 70% (COGS) (50.228) (89.29

  24. Slide 24: IFRS Balance Sheet

    IFRS BALANCE SHEET As of 30 June TL Million 2022 2023 TOTAL CURRENT ASSETS 23.052 39.349 Cash & Cash Equivalents 1.656 3.981 Financial Investments 748 2.569 Trade Receivables 6.121 9.859 Prepayments 761 1.980 Inventories 13.041 18.787 Other Current Assets 723 2.173 TOTAL NON-CURRENT ASSETS 19.435 44

  25. Slide 25: IFRS Cash Flow

    IFRS CASH FLOW 6 months ended 30 June 3 months ended 30 June TL million 6M 2022 6M 2023 Q2 2022 Q2 2023 Net Income 3.028 4.186 1.683 2.839 D&A 1.156 2.001 599 1.053 Non Cash Tax Expense 752 896 469 505 Other Non-Cash Items 841 2.222 42 405 Funds From Operations 5.777 9.306 2.793 4.802 Change In Net

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