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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 the company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.
This presentation does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
Please note that all financial data are prepared based on IFRS accounting.
22
HEADLINES FOR 2014
• Strong sales in 2014:
Net Sales at 14,5TL billion (+22% YoY)
• But weaker EBITDA and profit margins:
EBITDA at 618,6 TL million (3,8% YoY)
Net income at 395,3 TL million (-4,3 % YoY)
• Continued Expansion
CAPEX at 2,9% of sales = 412,3 TL million
At the end of the year we had 4.502 stores in Turkey, 223 in Morocco and 81 in Egypt.
3
HEADLINES FOR 2014 – Nr. 1
• BIM was rated as 3rd in “Q ratio” out of 250 retailers in the world also known as “Tobin’s Q” in recent Deloitte Report (climbed up from last year’s 4th position)
• In the same Deloitte report BIM was rated as the leader in Turkish retail market
• Ranked as151st largest retailer in the list and the ONLY Turkish retailer in the world (progressed from last years 167th position)
• Ranked as17th fastest growing retailer with 22% CAGR per 2013 results
4
Note 1: Global Powers of Retailing report published by Deloitte, January 2015
ANNUAL NET SALES AND GROSS PROFIT
9.906,4
11.848,8
14.463,1
1.857,3
2.226,1
1.800
2.000
2.200
2.400
2.600
10.000
12.000
14.000
16.000 Net Sales
Gross Profit
8.189,1
TL Million
1.559,2
800
1.000
1.200
1.400
1.600
1.800
0
2.000
4.000
6.000
8.000
2010A 2011A 2012A 2013A 2014A
8.189,1
6.574,0
1.104,7
1.309,3
5
Gross Margin 16,8% 16,0% 15,7% 15,7% 15,4%
QUARTERLY NET SALES AND GROSS PROFIT
3.132,23.395,1
3.561,03.752,7 3.754,3
487,5
528,1545,4
589,4563,2 600,0
700,0
800,0
2500
3000
3500
4000Net Sales
Gross Profit
TL Million
487,5
200,0
300,0
400,0
500,0
0
500
1000
1500
2000
4Q13 1Q14 2Q14 3Q14 4Q14
6
Gross Margin 15,6% 15,6% 15,3% 15,7% 15,0%
ANNUAL EBITDA AND EBIT
428,2
491,2
595,9618,6
397,7
485,1 481,9400
500
600
700
EBITDA
EBIT
TL Million
356,4
291,5
351,2397,7
0
100
200
300
2010 2011 2012 2013 2014
EBITDA Margin 5,4% 5,2% 5,0% 5,0% 4,3%
EBIT Margin 4,4% 4,3% 4,0% 4,1% 3,3%
7
QUARTERLY EBITDA AND EBIT
153,1160,1
141,0
176,5
141,0
123,8 128,1141,3
105,3100
120
140
160
180
200
EBITDA
EBIT
TL Million
107,2 105,3
0
20
40
60
80
4Q13 1Q14 2Q14 3Q14 4Q14
EBITDA – EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION
EBIT – EARNINGS BEFORE INTEREST AND TAX
EBITDA 4,9% 4,7% 4,0% 4,7% 3,8%
EBIT 4,0% 3,8% 3,0% 3,8% 2,8%
8
EBITDA MARGIN TARGET vs ACTUAL
5,0 5,0
4,3
0,30,4
4
5
6 EBITDA Margin %
9
0
1
2
3
2013 2014 Target Gross Margin Staff Cost 2014 Actual
ANNUAL NET INCOME
412,9395,3
331,8300
350
400
450
Net Income
TL Million
245,6
298,9
331,8
150
200
250
300
2010A 2011A 2012A 2013A 2014A
10
Net Income Margin
3,7% 3,7% 3,3% 3,5% 2,7%
QUARTERLY NET INCOME
105,7 107,8
89,7
115,4
82,470
80
90
100
110
120
130Net Income
TL Million
0
10
20
30
40
50
60
4Q13 1Q14 2Q14 3Q14 4Q14
11
Net Income Margin
3,4% 3,2% 2,5% 3,1% 2,2%
EARNINGS AND DIVIDEND
0,730,80 * 0,90
1,10
1,30
2
2,5
3Earnings Per Share Dividends Per Share in Gross
2,41,8
1,6 1,7 *
1,5
2
2,5
80
100 Dividiend Payout Ratio Dividend Yield %
Earnings Per Share and Dividend Per Share in Gross Dividend Yield & Payout Ratio
TL TL
0,810,98
1,09
1,36 1,3
0,600,65
0,730,80
-0,10
0,10
0,30
0,50
0,70
0
0,5
1
1,5
2
2010A 2011A 2012A 2013A 2014A
74%66% 66%
58% *
-0,5
0
0,5
1
1,5
0
20
40
60
2010A 2011A 2012A 2013A 2014A
1212
Note 1: The per share figure for 2010, 2011, 2012, 2013 and 2014 is based on 303.600.000 shares.
Note 2: (*) The Company did not take any decision yet about dividend payment from 2014 profit
LIKE FOR LIKE SALES INCREASE
2013 A 2014 A INCREASE2013 Q4 2014 Q4 INCREASE
Quarterly Annual
Like For Like Sales (Mil TL)
10.793,9 12.069,3
Like For Like Basket (TL)
11,35 12,50
Like For Like Customer Traffic (Per store/per Day)
752,6 763,6
Like For Like Sales (Mil TL)
2.790,0 3.061,5
Like For Like Basket (TL)
11,80 12,93
Like For Like Customer Traffic (Per store/per Day)
752,3 753,6
9,7%
9,5%
0,2%
11,8%
1,5%
10,2%
* Note: calculated on the basis of net sales generated in 4Q13 and 4Q14 by stores operating on 31 Dec 2012 and that were still open on 31 Dec 2014 (3.492 stores)
13
PRIVATE LABEL SALES CONTINUE TO GROW
PRIVATE LABEL 67,6% PRIVATE
LABEL 69,4%
BRANDED21,6%
BRANDED20,5%
2013A 2014A
SPOT 5,5%
SPOT 5,0%
EXCLUSIVE5,3%
EXCLUSIVE5,1%
14
CAPEX
412,3
2,42,9
3
350
400
450
500 Annual CAPEX
% of Net Sales
TL Million
Annual Capex & % of Net Sales2014 Capex Breakdown
New Store Openings
46,1%
Old Store
Old Warehouse
Maintenance 10,5%
141,9
182,7
241,1 245,5
2,2% 2,2%2,1
0
1
2
0
50
100
150
200
250
300
350
2010A 2011A 2012A 2013A 2014A
1515
New Warehouse & Land Acquisitions
27,5%
Old Store Maintenance
15,9%
STRONG STORE GROWTH CONTINUES
2.951 3.289 3.655
4.0003.000
4.000
5.000Stores in Turkey
4.502
Number of Stores
2.951 3.289 3.655
0
1.000
2.000
2010 2011 2012 2013 2014
16
FOREIGN OPERATIONS - HIGHLIGHTS
MOROCCO EGYPT
• 59 Stores opened in 2014
• By 31 December 2014 we have 223
• BIM Stores LLC in Egypt is progressing well
• By 31 December 2014 we have
1717
223
• Our aims for Morocco 2015
EBITDA positive in 2015
Open 81 more stores in 2015
• By 31 December 2014 we have 81 stores
• Our target for 2015 is to open 54 stores and reach 135 in total
• Second owned warehouse to be opened in 2015
• We are opening FIRST store in March
• 10 stores to be opened in 2015
• 50 stores targeted in next 5 years
• Business concept is:• Business concept is:
Discount philosophy in supermarket sub-segment
It will operate with more SKUs (3.000 – 3.500) and more retail space (1.000 sqm vs. 300 sqm currently)
Greater focus on fresh fruit & veg, meat and bakery section
More branded products but private label continues priority
1818
TARGETS VS ACTUAL
TARGET ACTUAL
SALES GROWTH (%) 15 – 20 22
GROSS MARGIN (%) 15,5 - 16 15,4
EBITDA MARGIN (%) 5,0 4,3EBITDA MARGIN (%) 5,0 4,3
CAPEX mil TL 400 412
NET INCOME MARGIN (%) 3,5 2,7
NEW STORES (excl Morocco and Egypt) 500 502
19
LOOKING FORWARD TO 2015
2014 ACTUAL 2015 TARGET
SALES GROWTH (%) 22,1 20
GROSS MARGIN (%) 15,4 15,5
EBITDA MARGIN (%) 4,3 4,5
CAPEX – Mil TL 412,3 mil 450 mil
2020
NEW STORE OPENINGS
TURKEY 502 500
MOROCCO 59 81
EGYPT 46 54
FİLE - 10
TOTAL 607 645
21
22
IFRS INCOME STATEMENT
TL million3 months ended 31 December 12 months ended 31 Decemb er
2013 2014 2013 2014
Net Sales 3.132,2 3.754,3 11.848,8 14.463,1
(COGS) (2.644,7) (3.191,1) (9.991,5) (12.237,0)
Gross Profit 487,5 563,2 1.857,3 2.226,1
Total SG&A (334,4) (422,2) (1.261,4) (1.607,5)Total SG&A (334,4) (422,2) (1.261,4) (1.607,5)
EBITDA 153,1 141,0 595,9 618,6
D&A (29,3) (35,7) (110,8) (136,7)
EBIT 123,8 105,3 485,1 481,9
Net financial income/(expenses) 8,5 1,4 27,6 12,8
Other income/(expenses) 3,0 3,5 13,3 17,2
PBT 135,3 110,2 526,0 511,9
Taxes (29,6) (27,8) (113,1) (116,6)
Net income 105,7 82,4 412,9 395,3
2323
IFRS BALANCE SHEET
TL millionAs at 31 December
2013 2014
Intangible assets 3,8 4,7
Tangible assets 981,0 1.243,2
Financial Investments (long term) 118,0 157,5
Other non-current assets 18,6 20,4
Total fixed assets 1.121,4 1.425,8
Trades receivable 344,8 445,3
Inventories 638,5 807,3Inventories 638,5 807,3
Prepayment and other assets 187,1 234,2
Trades payable (1.457,7) (1.805,5)
Other payable and accrued liabilities (175,1) (198,6)
Net working capital (462,4) (517,3)
Invested Capital 659,0 908,5
Cash & cash equivalents (405,5) (325,5)
Short term borrowings 13,1 17,3
Net debt/(cash) (392,4) (308,2)
Severance funds 38,1 52,1
Deferred tax liabilities 14,0 15,1
Shareholders' equity 999,3 1.149,5
Capital Employed 659,0 908,5
2424
IFRS CASH FLOW
TL million3 months ended 31 December 12 months ended 31 Decemb er
2013 2014 2013 2014
Net Income 105,7 82,4 412,9 395,3
D&A 29,3 35,7 110,8 136,7
Other non-cash items (3,6) (2,1) (17,3) (18,0)
Funds from operations 131,4 116,0 506,4 514,0
Change in net working capital (80,1) 5,7 56,0 54,9
Operating cash flow 51,3 121,7 562,4 568,9
Capital expenditures (59,8) (113,1) (245,5) (412,3)Capital expenditures (59,8) (113,1) (245,5) (412,3)
Proceeds from sales of PPE 2,0 7,5 6,5 14,5
Change in Financial Investments (105,4) 0,0 (105,4) (39,5)
Dividends From Investments - - 4,0 3,5
Cash flow from investing activities (163,2) (105,6) (340,4) (433,8)
Free cash flow (111,9) 16,1 222,0 135,1
Dividends - (91,0) (220,1) (242,7)
Profit share received from deposits account 4,7 6,4 16,4 18,6
Proceeds from ST borrowings (27,6) (0,5) 2,7 4,2
Treasury Shares Purchase & Sale, Net - - - 6,0
Cash flow from financing activity (22,9) (85,1) (201,0) (213,9)
Currency translation differences (3,3) 0,3 (4,6) (0,4)
Increase/(decrease) in cash (138,1) (68,7) 16,4 (79,2)
2525