Migros Ticaret A.s. · BIST:MGROS
Migros Ticaret A.s — Q1 2016 Earnings Presentation
20 slides from Migros Ticaret A.s's earnings presentation, 2016
Slide 1: Migros Ticaret A.Ş. 1Q 2016 Financial Results
Migros Ticaret A.Ş. 1Q 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 1Q 2016
Consolidated Sales in 1Q 2016 Robust domestic sales growth with 18.7% in 1Q 2016, thanks to sales performance of new & existing stores, Consolidated sales reached TL 2,411 million with an increase of 16.3% in 1Q 2016 Quarterly Sales (TL million) Sales (TL million) 2,411 9,390 2,074 8,123 1Q 2015 1Q
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% 18.7% 14.5% 13.8% 13.6% 10.9% 5.3% 5.4% 5.6% 1Q 2014 1Q 2015 1Q 2016 1Q 2014 1Q 2015 1Q 2016 Domestic Sales Growth In total FMCG market In modern F
Slide 6: Expansion
Expansion Net Sales Area Split By Banner - 1Q 2016 New store openings in 1Q16 52 New store openings in 2015 257 Small/mid/large supermarkets Number of Stores as of 2015 1,410 Number of Stores as of 1Q16 1,447 Compact hypermarkets Number of Stores - Total Mid/large supermarkets 1,447 1,227 +220 +21
Slide 7: Consolidated Gross Profit in 1Q 2016
Consolidated Gross Profit in 1Q 2016 Solid Gross Profit Generation Gross profit increased by 18% y-o-y to TL 657 million with a margin of 27.2% in 1Q 2016, Sustainable gross margin as a consequence of intensive management focus on supplier base and supply chain processes, Quarterly Gross Profit (TL
Slide 8: Consolidated EBITDA(R) in 1Q 2016
Consolidated EBITDA(R) in 1Q 2016 Solid EBITDA(R) Generation EBITDA rose by 10.9% y-o-y to TL 145 million, and EBITDAR by 13.9% y-o-y to TL 272 million in 1Q 2016. Quarterly EBITDA* (TL million) EBITDA* (TL million) 145 602 131 529 1Q 2015 1Q 2016 2014 2015 Margin 6.3% 6.0% Margin 6.5% 6.4% Quarterl
Slide 9: Key Financial Metrics
Key Financial Metrics Growth accelerated from 10% to 17% in 2 years, where EBITDA margin sustained Domestic Sales Growth Y-o-Y (%) Domestic Operations EBITDA Margin (%) Growth accelerated Sustainable EBITDA margin in 3 years: 6.0-6.5% 18.7% 18.6% 6.5% 6.4% 6.1% 10.9% 1Q 2014 1Q 2015 1Q 2016 1Q 2014
Slide 10: Expectations and Guidance
Expectations and Guidance Management Message Domestic growth accelerated from 11% to 18% levels in two years, thanks to long-term effective strategies .1Q 2016 results were broadly in line with the yearly program, Counterbalancing the impact of min. wage increase with; - the accelerated top li
Slide 11: Financials & Format Summary
Financials & Format Summary - Financials - Operations
Slide 12: Summary of Income Statement – 1Q 2016
SUMMARY OF INCOME STATEMENT – 1Q 2016 IFRS Consolidated Income Statement Summary (TL Million) 1Q 2016 1Q 2015 Net Sales 2,411.1 2,074.0 Cost of sales -1,754.3 -1,517.4 Gross Profit 656.8 556.6 Operating Expenses -584.0 -481.2 Staff & Outsourced staff costs* -274.2 -221.8 Provision for unused vacatio
Slide 13: Summary of Balance Sheet – 1Q 2016
SUMMARY OF BALANCE SHEET – 1Q 2016 IFRS Consolidated Balance Sheet Summary (TL Million) 1Q 2016 2015 Current Assets 2,068.8 2,035.5 Non-current Assets 3,738.4 3,725.2 Total Assets 5,807.2 5,760.7 Current Liabilities 2,737.3 2,725.7 Non-current Liabilities 2,583.6 2,519.1 Total Liabilities 5,320.8 5,
Slide 14: Migros Today
Migros Today Since 1954 Largest national supermarket operator − Operates 1,447 stores across 72 cities in Turkey as well as in Kazakhstan and Macedonia, as of March 31, 2016 − 14.5% market share in organized grocery FMCG retail sales in Turkey¹ Turkey’s largest integrated red meat facility provi
Slide 15: Ownership Structure
Ownership Structure JV Structure between BC Partners & Anadolu Group with 40.25% Migros shares each Recent 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% 15.37
Slide 16: Migros
Migros Migros, Largest National Supermarket Chain Number of stores: 1,367 including 493 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: 35 400 - 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 2.1% of consolidated sales from Kazakh operations 1.2% of consolidated sales from Macedonian operations Number of stores: 25, including 4 hypermarkets, 19 Number of supermarkets: 20 supermarkets and 2 Macrocenter. Owns 1 shopping mall in Almaty