Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — H1 2016 Earnings Presentation
20 slides from Migros Ticaret A.s's earnings presentation, 2016
Slide 1: Migros Ticaret A.Ş. 1H 2016 Financial Results
Migros Ticaret A.Ş. 1H 2016 Financial Results
Slide 2: Disclaimer Statement
Disclaimer Statement Migros Ticaret A.Ş. (the “Company”) has prepared this presentation for the sole purpose of providing information about its business, operations and financial results. The informaation in this presentation is subject to updating, revision and amendment. The information in this pr
Slide 3: Contents
CONTENTS Market Share Sales Evolution Financial Expansion Overview Ataşehir Migros Key Financial Guidance Metrics Financial Format Results Summary 2
Slide 4: Consolidated Sales in 1H 2016
Consolidated Sales in 1H 2016 Consolidated sales reached TL 5,079 million in 1H 2016, an increase of 16.2% versus last year Strong domestic sales growth pattern was maintained in 2Q 2016 with 18.6% Quarterly Sales (TL million) Sales (TL million) 2,668 5,079 2,411 2,074 2,295 4,369 1Q 2015 1Q 2016 2Q
Slide 5: Market Share Evolution
Market Share Evolution Domestic Sales Growth of Migros FMCG Market Share Evolution Migros’ Domestic Sales Growth Y-o-Y (%) Migros Market Share (%) 18.6% 13.7% 17.7% 13.2% 12.9% 5.5% 5.3% 1H 2014 1H 2015 1H 2016 1H 2015 1H 2016 Domestic Sales Growth In total FMCG market In modern FMCG market Note : M
Slide 6: Expansion
Expansion Net Sales Area Split By Banner - 1H 2016 New store openings in 2Q16 90 New store openings in 1H16 142 Small/mid/large supermarkets New store openings in 2015 257 Number of Stores as of 1H16 1,528 Compact hypermarkets Number of Stores - Total Mid/large supermarkets 1,528 1,296 +232 +217 1
Slide 7: Consolidated Gross Profit in 1H 2016
Consolidated Gross Profit in 1H 2016 Solid Gross Profit Generation Gross profit increased by 18.3% y-o-y to TL 1,380 million in 1H 2016, Sustainable gross profitability as a consequence of improved distribution network management, strong brand recognition and differentiation, Quarterly Gross Profit
Slide 8: Consolidated EBITDA(R) in 1H 2016
Consolidated EBITDA(R) in 1H 2016 Solid EBITDA(R) Generation EBITDA rose by 19.6% and reached TL 163 million, where EBITDAR increased by 17.0% y-o-y in 2Q 2016. EBITDA margin improved by 20 bps y-o-y and reached 6.1%, where EBITDAR margin reached 11.2% in 2Q 2016 Quarterly EBITDA* (TL million) EBITD
Slide 9: Key Financial Metrics
Key Financial Metrics Accelerated growth, where EBITDA margin sustained Domestic Sales Growth Y-o-Y (%) Consolidated EBITDA Margin (%) Growth accelerated Sustainable EBITDA margin: 6.0-6.5% 18.6% 17.7% 6.2% 6.1% 6.1% 12.9% 1H 2014 1H 2015 1H 2016 1H 2014 1H 2015 1H 2016 Stable Negative Cash Conversi
Slide 10: Expectations and Guidance
Expectations and Guidance Management Message Despite intensified competition and last year’s high base, domestic growth in 2Q 2016 was 18.6% Consolidated EBITDA increased by 19.6% in 2Q 2016 versus last year, despite the negative impact of 30% minimum wage hike, 2Q 2016 results were broadly in
Slide 11: Financials & Format Summary
Financials & Format Summary - Financials - Operations
Slide 12: Summary of Income Statement – 1H 2016
SUMMARY OF INCOME STATEMENT – 1H 2016 IFRS Consolidated Income Statement Summary (TL Million) 1H 2016 1H 2015 Net Sales 5,079.0 4,369.2 Cost of sales -3,698.7 -3,202.6 Gross Profit 1,380.4 1,166.6 Operating Expenses -1,207.2 -1,014.7 Staff & Outsourced staff costs* -577.1 -470.8 Provision for unused
Slide 13: Summary of Balance Sheet – 1H 2016
SUMMARY OF BALANCE SHEET – 1H 2016 IFRS Consolidated Balance Sheet Summary (TL Million) 1H 2016 2015 Current Assets 2,284.5 2,035.5 Non-current Assets 3,736.6 3,725.2 Total Assets 6,021.1 5,760.7 Current Liabilities 3,068.2 2,725.7 Non-current Liabilities 2,489.6 2,519.1 Total Liabilities 5,557.8 5,
Slide 14: Migros Today
Migros Today Since 1954 Largest national supermarket operator − Operates 1,528 stores across 72 cities in Turkey as well as in Kazakhstan and Macedonia, as of June 30, 2016 − 13.7% market share in organized grocery FMCG retail sales in Turkey¹ Turkey’s largest integrated red meat facility provid
Slide 15: Ownership Structure
Ownership Structure JV Structure between BC Partners & Anadolu Group with 40.25% Migros shares each Current Shareholding Structure Anadolu Moonlight Endüstri Capital S.A. Holding A.Ş. 19.50% 80.50% MH Kenan Moonlight Free Float Perakendecilik Investments S.A. Capital S.A. ve Ticaret A.Ş. 19.49% 15.3
Slide 16: Migros
Migros Migros, Largest National Supermarket Chain Number of stores: 1,451 including 545 Migros Jet and 23 5M stores, Penetration: 72 cities ─ (40*-4,500) sqm / (1,800* – 18,000) SKUs ─ Broad variety of fresh food products ─ Wide branded assortment of FMCG products ─ Modern, fashionable, compleme
Slide 17: Macrocenter
Macrocenter Exclusive shopping Number of stores: 37 400 - 2,500 sqm / 10,000 SKUs ─ Upscale gourmet store serving with strong brand loyalty ─ Wide product range in delicatessen, appetizers and spirits. Premium quality in fresh products ─ Complementary and premium non-food Customized service su
Slide 18: Wholesale & Food Service
Wholesale & Food Service Focus on Horeca Penetration Currently operating in 7 regions through dedicated sales team. Dedicated warehouses and customer delivery Penetration: 7 regions 17
Slide 19: Online Business
Online Business Turkey’s first and leading e- commerce web site in food retail Top-line growth is 2-3x higher than the Company average Improved operational efficiency through picking automation Direct delivery from stores (104 stores in 24 cities across Turkey) 18
Slide 20: International Operations
International Operations Kazakhstan Macedonia 1.9% of consolidated sales from Kazakh operations 1.2% of consolidated sales from Macedonian operations Number of stores: 19, including 3 hypermarkets, 15 Number of supermarkets: 21 supermarkets and 1 Macrocenter. Owns 1 shopping mall in Almaty