BİZİM Corporate Presentation

BİZİM Corporate Presentation
ISE listed: BIZIM; Bloomberg: BIZIM.TI; Reuters:BIZIM.IS
March 5, 2012
Disclaimer & Notes
This presentation contains forward-looking statements which are based on certain expectations and assumptions at the time of
publication of this presentation and are subject to risks and uncertainties that could cause actual results to differ materially from
those expressed in these materials. Many of these risks and uncertainties relate to factors that are beyond BIZIM TOPTAN’s
ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants,
the ability to successfully integrate acquired businesses and achieve anticipated cost savings and productivity gains as well as
the actions of government regulators. Readers are cautioned not to place undue reliance on these forward-looking statements,
which apply only as of the date of this presentation. BIZIM TOPTAN does not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.
This presentation merely serves the purpose of providing information. It neither represents an offer for sale nor for subscription
of securities in any country including Turkey. This presentation does not include an official offer of shares; an offering circular
will not be published.
This presentation is not allowed to be reproduced, distributed or published without permission agreement of BIZIM TOPTAN.
The figures in this presentation are rounded to provide a better overview. The calculation of deviations is based on figures
including fractions. Therefore rounding differences can occur.
Bizim At-a-Glance
#1 Turkish Cash & Carry FMCG wholesaler based on number of stores
and geographic reach
c.228k+ (1) active customers
Average of c.2,900 SKUs per store (2)
Three standardised store types averaging c.1,600m2 per store
One of the Fastest Growing Cash & Carry FMCG wholesaler
in terms of 2007-2011 sales revenue CAGR
2011 sales revenue of TL 1,733m
with 2007-2011 main category sales revenue(3) CAGR of 21.8%
3.6% EBITDA margin in 2011 with 2007-2011 EBITDA CAGR of 26.3%
(1)
(2)
(3)
.
As of December 31, 2011
As of December 31,2011
Main category sales include total sales excluding tobacco.
2
Shareholder Structure
Shareholder Structure of BİZİM as of March 5, 2012
5%(*)
5%
50%
(**)
40%
Yıldız Holding
Public
Standard Bank Plc
Other
(*): Previously owned by Golden Horn Investments BV and being held as a collateral by Standard Bank Plc London until 24 August 2012.
(**): Yıldız Holding which is the largest food and beverage company of Turkey with around 11 BTL sales , recently increased its shareholding to 49.96% .
3
A History of Strong Organic Growth
PROFITABLE & CASH GENERATING GROWTH STRATEGY
2010-2011 YoY Growth
07-11 CAGR
Tobacco
(0.3%)
Main Categories
21.8%
Total
Tobacco
Main Categories
23.4%
Total
19.4%
13.5%
109
97
90
79
TL1,045m
TL1,272m
43%
8.8%
TL1,246m
TL1,452m
124
TL1,733m
29%
32%
45%
71%
55%
2007
57%
2008
# Stores
71%
68%
2009
Main Categories Domestic Sales
2010
2011
Tobacco Domestic Sales
4
Investment Highlights
1
Highly Attractive Turkish Economy
2
Fast Growing Turkish FMCG Wholesale Market
3
Cash & Carry: Fastest Growing FMCG Channel
4
Leading Cash & Carry Wholesaler in Turkey
5
Proven Business Model with High Flexibility and Scalability
6
Highly Experienced Management Team
7
Solid Financial Track Record
5
Highly Attractive Turkish Macro-Economic Environment
 Strong economic growth
Strong GDP Growth
(1)
–
Significantly ahead of EMEA peers
–
2010 GDP Growth 9.0%
–
2011 E GDP Growth 8.5%
–
Driving growth in purchasing and food
spending
2009-2012 CAGR
6,0%
4,1% 3,9%
3,3% 3,1%
2,3% 2,3%
1,2% 1,2% 1,1% 0,8%
0,5%
 Highly attractive demographics
Compelling Demographics
69%
61%
80%
85%
77%
50%
55%
74%
61%
68%
74%
–
Fastest population growth in EMEA
–
52% below age 30
–
Continued urbanisation and creation of
new regional centres
–
19 cities with over 1 million population
0,5%
0,3%
0,1% 0,1% 0,0%
(0,0%)
(0,2%) (0,2%)
(0,6%)
09-12 Population
(1)
(2)
Population of 75.9m, second largest in
Europe (1)
73%
1,3% 1,2%
0,7%
–
CAGR (2)
2009
Urbanisation (3)
Real GDP growth. Source: OECD; as of November 2011 .(3)
Source: IMF.
Source: United Nations.
6
Fast Growing Turkish FMCG Wholesale Market
Fast-Growing Turkish FMCG Wholesale Market (1)
TL bn
 FMCG wholesale is a large, fast growing and
higly fragmented market
CAGR: +9.6%
150
100
72,9
83,5
90,8
98,7
126,6
116,6
107,3
 2011 YoY FMCG Growth 13.2% (4)
50
0
2009A
2010A
2011E
2012E
2013E
2014E
2015E
Local Suppliers
Demand
c.7,000 (2) estimated number of total
wholesalers and distributors in Turkey
–
Only three Cash & Carry players of size:
Metro (2.2% market share in terms of value
(3)), Bizim (1.6% (3)) and Tespo (0.2% (3))
Cash & Carry Players
(>7,000) (2)
(<10)
END-USERS
HORECA
–
Global Suppliers
Wholesalers &
Distributors
Wholesale
Supply
Highly Fragmented FMCG Wholesale Market
 Around 95% of FMCG wholesale market
dominated by traditional wholesalers and
distributors
Corporates
 Significant opportunity for Cash & Carry to
professionalise and consolidate the FMCG
wholesale market
Retailers
–
Source:
(1)
(2)
(3)
Frost & Sullivan.
FMCG wholesale excludes Cash & Carry.
According to management’s estimate based on ‘regional/local wholesalers’ associations.
2009 data; percent of the total wholesale and distributors FMCG market. Source: Frost & Sullivan.
Cash&Carry currently represents around 5%
of total wholesale market
.(4): according to AC Nielsen ScanTrack report
7
Cash & Carry is the Fastest Growing FMCG Channel
Cash & Carry is a Fast Growing Market (1)
CAGR: +12.9%
TL bn
8
3,9
3,5
4,4
5,0
5,6
6,4
7,2
Supply
6
4
Key Growth Drivers
2
1
Wholesale Consolidation
2
Increased demand for larger
network / end-user coverage
from suppliers
3
Price Stability and System
Standardisation
4
One-Stop-Shop
5
Addresses all customer types
6
Underpenetrated Segments,
e.g., HORECA(4)
and Corporates
0
2009
2010
2011 E
2012 E
2013 E
2014 E
2015 E
Cash & Carry Outpaces Wholesale and Retail
2009-2015
CAGR
15%
9,6%
10.0%
Demand
10%
12,9%
5%
0%
FMCG Wholesale(2)
Source:
(1)
(2)
(3)
(4)
FMCG Retail(3)
Cash & Carry
Frost & Sullivan
Converted from Euros to Turkish Liras at 1.9952.
Excludes Cash & Carry.
Excludes Cash & Carry. Represents mid-point of 8-12% range.
HORECA: Hotels&Restaurants and Cafeterias
8
BIZIM: The Leading Cash & Carry Wholesaler in Turkey
c.6x Store Base of Largest Competitor
BİZİM’s growth outpaces sector average by far
# Stores (as of December 31, 2011)
124
23

Bizim’s YoY top-line growth 19.4% in 2011 vs
17.4% in 2010 [email protected]

Expected C&C market growth between 2009-2015
12.9% (1)

(
14
BIZIM
Metro
Tespo
National Footprint (Present in 60 out of 81 Cities)
51%
(1)
Frost&Sullivan 2009-2015 C&C channel CAGR growth estimation
49%
Extensive store network across Turkey

National footprint provides extensive end-user
coverage

Local penetration provides convenience and
proximity
9
Proven Business Model with High Flexibility and Scalability
Three Store
Types
Adjustable
Store Layout
Tailored
SKU Offering
Fast
Decision
Making
Customers
Products
Stores
High Flexibility
Marketing
Low Startup
Costs & Short
Payback
Cost-Efficient
Real Estate
Low
Working Capital
Adaptable
Distribution
Capacity
Distribution
Management
High Scalability
(1)
Customer Relationship Management
Operating Excellence

Seek price leadership and convenience

Diversified mix tailors to different needs

Develop and maintain close relations

C 7,000 SKUs regionally tailored

Around 95 % branded products

Price leadership

Three adjustable types

Low start-up costs /short payback periods

100% leased

In-depth customer insights

CRM (1)capabilities

High impact, low cost

Outsourced

Costs charged to vendors

Adaptable capacity

Centralised with regional reach

Fast decision making

Rigorous store planning

Low / negative working capital

Low capex commitment

Self financed
10
Diversified and Growing Customer Base
Key Trends and Observations
Diversified Customer Base
Wholesalers
Trend

Drivers
Industry consolidation
Markets

Upgrade of Bakkals
Bakkals

Upgrade to small markets
Retailers

New customers acquisition
Corporates

New customers acquisition
Traders

Customer overlap with new Bizim stores
HORECA

Hotels & restaurants growth
Supermarkets 
Upgrade of Bakkals
–
Sustain current mix
Others

Balanced mix limits concentration risk

Feeds off multiple growth opportunities

Store access to registered card holders only
 Horeca and corporates are two leading
segments in terms of growth potential
 Up-sizing of some traditional retailers to
small supermarkets offers an opportunity,
notably in volume terms, to C&C players
in ‘000 of Active
Customers
300
225
 Highly diversified Cash & Carry customer
base with each and every customer
segments expected to grow significantly
Growth: +18%
228
194
150
 Traditional retailers expected to remain
relevant and stabilise around 40% market
share in the long term (currently at 60%)
75
0
Dec'10
Dec'11
11
Growth Opportunities in New Customer Segments
Growth Drivers
HORECA
# of Hotels & Rooms in Turkey (2003-2015)
2003-2015 CAGR
2.8%
HORECA
Corporates
6.6%
480.000
360.000
240.000
120.000
0
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
3.200
2.400
1.600
800
0


GDP Growth


Young
Population


Tourism


Lifestyle
Upgrade


# of
Establishments
# of
Rooms
# of Restaurants in Turkey (2003-2015)
2003-2015 CAGR
Urbanisation
5.1%
300.000
200.000
100.000
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
0
Corporate Institutions
Number of Companies and
Employees, Turkey (2005-2008)
In (‘000)
In (‘000)
2.700
8.000
2.6%
2005-2008 CAGR
5.0%
2.600
2.500
7.000
2.400
2.300
2.200
6.000
2005
2006
2007
# of Companies
Source: Frost & Sullivan.
2008
# of Employees
12
Increase Focus on HORECA & CORPORATES Segments
Strategy

Based on the market trends, BİZİM’s aim is to
increase aggressively the share of HORECA and
Corporates segments in total revenues
Bizim Card & Marketing Tools

Low cost but highly effective marketing tools to
attract HORECA customers (inserts, call center,
customer representatives, sms, customer cheques)

Launch of Bizim Professional Card to increase
HORECA sales and customer loyalty (Target: 10 K
cards in 2012)
Organization

New HORECA team dedicated to this segment

Introducing new product categories such as fresh
products, frozen food and meat

Delivery service where necessary
2012 Targets

Target to increase active customers by 40%

Target to reach 400 MTL sales revenue in 2012
which means 20% in total sales revenue

Pilot application in 5 existing stores in 2011 and
open three specific HORECA-centric stores in
13
Branded Products Strategy
2009/2010 Sales Mix
Strategy
2010
2011
28%
29%
14%
12%
27%
11%
Beverage
15%
 50/50 split between domestic and international
products mix
18%
17%
Food
29%
 ~7,000 SKUs regionally tailored with average of
2,900 SKUs per store as of 31 December, 2011
Household Products
Food
Other
Tobacco
 Tobacco expected to decrease as a proportion
of total sales in the future (20-22 % in the long
run)
Beverage
Value Proposition
 One-stop-shop experience driving customer
traffic
Household Products
Tobacco
 Competitive pricing
 Private label products representing 4.8% (1) of
main category sales (10-12% of sales in the
long term)
(1)
As of Dec 31,2010
14
3 Types Offering High Convenience and Accessibility
Type A (38 stores)
Type B (44 stores)
Type C (42 stores)

Sustainability: > 1,500 cust.

Sustainability: 800 - 1,500 cust.

Sustainability: 500 – 800 cust.

Typical size: c. 2,000 m2

Typical size: c. 1,500 m2

Typical size: c. 1,000 m2

Typical 3,500 SKUs

Typical 3,000 SKUs

Typical: 2,500 SKUs

Average sales per m2 of TL 19,119 (1)

Average sales per m2 of TL 13,246 (1)

Average sales per m2 of TL 11,326 (1)

4-wall EBITDA positive within 6
months on average

4-wall EBITDA positive within 6
months on average

4-wall EBITDA positive within 6
months on average
(1)
As of December 2011
15
Disciplined Store Selection Process & Leasehold Strategy
New Store Selection Process
STEP 1
STEP 2
STEP 3
STEP 4
STEP 5
Rental Agreements
Headquarter identifies targeted region and
generates a store opening report
Typical
Duration
 Generally 10-15 years for new agreements
Typical
Currency
 Mainly Turkish Lira
Typical
Rent Cost
 1.2% rental expense as percentage of sales revenue in
2011
Deputy GM of Sales & Operations initiates
negotiation process (maintain pipeline of 10-15
stores in negotiation phase at any given time)
Annual
Increase
 Generally in line with inflation (average of CPI and
PPI) for TL agreements
Engineering team is dispatched to study selected
locations
Termination  Generally no legal right for the landlord before the
contract ends
Landlord
Economic feasibility study is carried out
Termination  In general, BİZİM can terminate its agreements with 36 months prior notice
BİZİM
Regional managers and dedicated team identify
potential locations
Change of
ownership
STEP 6
a) If payback ≤ 3.8
years
CEO approval only
b) If payback between
3.8-4.3 years
President and CEO
approval
 Approximately 10% in Euros and US Dollars
 Continuation of BİZİM’s lease agreements is protected
against any potential sale of property by existing
owners
c) If payback between
4.3-4.8 years
Board of Directors,
President and CEO
approval
16
Targeted Customer Acquisition and Retention Strategy
Segmenting Customers
Newspaper Advertisement
– Ramadan Promotion
Profitability
SMS
Enhancement
Turnover
Attraction
Marketing Tools
In Store Advertising
Enhancement
*
Retention
(*) SMS from BİZİM on 1 Oct 10, 9:03
Dear Customer, applicable only for YOU, if you buy
additional TL250 (excl. VAT) worth of snacks till 31
Oct, you get additional 3% discount on your next
purchase. Further information available in stores!!!
Inserts
 Focus on CARE: Customer Attraction, Retention and
Enhancement
 Pre-defined strategies for each one of four key
CARE segments
 Sustain LFL growth for existing store base, increase
sales ramp up for new stores
Winter Promotions
Back-to-School
Artisan’s Day
17
High Convenience and Price Leadership Strategy
Strategic Positioning
(1)
Industry Price Leadership
Indexed Prices
High
120
Firm B
115
110
Firm A
105
100
Convenience
Company X
(2)
95
Feb 2011
Company Y
April 2011
Jun 2011
Aug 2011
Oct 2011
Dec 2011
Low Cost Base
Operating Expenses
as % of Sales (3) (2010A)
Wholesalers
24%
16.1%
Low
16%
7.2%
8%
High
Price
= TL1bn in 2009 Sales
(1)
(2)
(3)
(4)
Low
5.4%
0%
EMEA Food Retailers
(4)
C&C Wholesalers
(4)
BIZIM
Bubble sizes represent cash & carry statistics in Turkey. Source: Frost & Sullivan.
Source: Efektif Akademetre Araştırma ve Strateji Planlama Tanıtım Yayıncılık Hizmetleri Ltd Şti. Represents indexed prices for top 300 BİZİM products in terms of share of total non tobacco sales (together representing
around 55% of total non tobacco sales).
Based on 2009 company public filings. Note that accounting for operating expenses may differ between companies/geographies. Operating expenses represent operating profit less gross profits.
EMEA Food Retailers represent median of BIM, Dixy, Magnit, Shoprite and X5 Retail; while C&C Wholesalers represent median of median of following companies: Booker, Emperia, Eurocash, Metro and Siam Makro.
18
Experienced Team with Strong FMCG / Retail Credentials
Recep Özalp
CEO
(Age 50)
 CEO of BİZİM since 2005
Ziya Kayacan
CFO
(Age 44)
 Joined BİZİM as CFO in 2011
Bayram Ali Yıldırım
Deputy General Manager-Sales and Operations
(Age 45)
Recep Çalışkan
Deputy General Manager-Procurement
(Age 38)
Mustafa Yaşar Serdengeçti
Executive Vice Chairman
(Age 50)
Tahsin Pamir
Executive Advisor and Board Member
(Age 69)
Cengiz Solakoğlu
Independent Board Member
(Age 68)
 21 years of professional experience, and 20 years in the Group Companies of Yildiz Holdings in
high level positions including Advisor to Yildiz Holding Chairman
 21 years of professional experience in international companies such as PWC and Lafarge
 Joined BİZİM in 2006
 12 years of professional experience mostly in the retail sector. Worked as customer
representative and store manager for Real and region manager for Tansaş
 Deputy General Manager since 2009, and Purchasing Group Manager between 2001-2009
 16 years of professional experience in the Turkish retail sector
 Executive Vice Chairman of BİZİM since 2005, and President of the Retail Group for Yildiz
Holding
 28 years of professional experience in the FMCG sector
 Executive Advisor and Board Member
 37 years professional experience of which 21 years within the FMCG sector. Metro Turkey’s
Chairman & Country Managing Director for 6 years
 Independent Board Member
 38 years professional experience all of which within the consumer sector. Headed Koç Group’s
Consumer Durables division for 10 years as President
Management
Board Members
19
Financial Highlights
Top-Line and Like-For-Like Sales Growth
Top-Line Sales in MTL
2011-2010 YoY Growth
2007-2011 CAGR
Tobacco
Main Category
Total
1.750
1.500
1.250
1.000
750
500
250
0
Track Record of Sustainable Growth
Tobacco
Main Categpry
Total
(0.3%)
21.8%
13.5%
8.8%
23.4%
19.4%
1,733
1,264
1,040
1,452
1,237
32%
55%
57%
68%
2007A
2008A
2009A
Main Category
 Increasing penetration on main category sales
26%
29%
43%
45%
 Strong main category sales momentum
74%
71%
2010A
2011A
 Tobacco growth is limited to tax increases and
expected to decrease as a proportion of total
sales to the level of 20% in the long run
Tobacco
Like-For-Like Main Category Sales Growth

Strong LFL growth in main category sales
 Strong LFL main category sales momentum
20%
16%
16%
15%
10%
8%
 Main actions: increase number of customers,
basket size growth, traffic and private label
growth
9%
5%
0%
2008
2009
2010
2011
 Effective tools eg.CRM, customer
representatives,marketing and promotions
,category management, exclusive products
21
Strong Gross Profit and EBITDA Performance
Gross Profit in MTL
2008-2011 CAGR
Tobacco
Main Category
Total
:
160
140
120
100
80
60
40
20
0
Tobacco
(0%)
Main Category 19.5%
Total
18.4%
29.4%
16.2%
17.2%
92
93%
89%
90%
2008
2009
2010
Main Category
8.4%
 Remarkable performances in main category
profit growth
148
125
104
Adjusted Margin: 7.3%
Leading and Sustainable Profiitability Growth
2011-2010 YoY Growth
90%
 Stable Gross Margin and EBITDA Margin with
strong upward potential despite slight diluting
impact of accelaration in store openings
2011
Tobacco
8.4% (*)
8.4%(*)
Adjusted EBITDA in MTL (**)
 Long-term target to reach 10% for Gross
Margin and 5% for EBITDA margin throughout

Optimized merchandising mix for profitability
(lower mix of tobacco, increase focus on highermargin categories)

Focus on growing and profitable customer
segments , Horeca and Corporates

Maintain and reinforce rigorous cost discipline

Leverage economies of scale in opex and
increased purchasing power over suppliers
(TL m)
80
60
40
20
0
Margin:
34
45
2008
2009
2.7%
3.6%
55
63
2010
2011
3.5%(*)
3.5% (*)
(*) Excluding one-off tobacco price increase gain on inventory
(**) Excluding extraordinary income/(expense)
OPEX –OPERATING EXPENSES
Strong Operating Cost Leverage
OPEX in MTL
(TL m)
 Best-in-class opex over sales despite diluted
by acceleration in store openings
94
100
78
75
67
66
50
 Low cost business model
25
0
2008
OPEX/Sales
5.2%
2009
2010
2011
5.4%
5.4%
5.4%
 Strict cost discipline
 Sustain low rental expenses (around
1.2% of sales revenue as of 2011)
OPEX DETAIL- 2011
6%
0.7%
5%
1.2%
0.1%
0.3%
0,2%
5.4%
 Leveraging flexible distribution structure
4%
1.2%
3%
 Local people employment
2%
1%
1.7%
0%
Store & DC Store & DC Other Sales
Staff
Rent
& Dist. Exp.
Expense
Expense
HQ Staff
Expense
HQ Rent
Expense
HQ Other
Opex
Net Other Total Opex
Op. (Inc.) /
Exp.
 Operating leverage accounts for potential for
margin improvement
23
Net Profit and ROCE
Net Profit in MTL
40
28
30
Net margins offer strong upward potential
29
19
20
 Strong upward potential through gross margin
and opex improvements
4
10
0
2008
2009
2010
dAdjusted Margin 0.3%
1.5%
1.8% ( *)
1.7% (*)
EPS (TL)
0.47
0.71
0.73
0.19
2011
Return on Capital Employed -ROCE (**)
80%
74%
 EPS shows consistent growth prospects
Track record of exceptional return on capital
75%
66%
60%
 Low cost and investment business model with
strong credentials in growth and profitability
confirms very high level return on capital,
45%
40%
20%
 Pay-back period for new stores is less than 3
years on average
0%
2008
2009
2010
2011
(*): Excluding one-off items
(**) Adjusted EBIT excluding one-off items * (1-t)/ (Total assets-Financial Investment-Cash & cash equivalents – current liabilities)
24
Cash Flow Position
Operating Cash Flow in MTL
Strong and consistent cash flow
50
48
45.9
46
44
42
 Strong and consistent cash flow from
operations
40
38
36.0
36
34
32
30
 Strict working capital management
28
26
24
22
20
2010
2011
Solid Cash Flow Generation supporting growth
Operating Cash Flow
MTL
CASH FLOW - 2011
90.0
 Cash generation is well enough to finance
organic growth and to keep commitments to
shareholders
-13.0
80.0
70.0
+45.9
-19.3
60.0
-22.0
50.0
40.0
-13.5
30.0
20.0
-13.5
-4.5
33.5
20.1
10.0
 Financial Investment in Şok at minority stake
(10%)
0.0
Opening
Cash
Net Cash
Flow From
Operations
Capex
Financial
Investment
Dividend
Paid
Other
Closing Cash
 Dividend policy: Minimum 50% of the
distributable income (13.5 MTL paid in 2011)
25
Working Capital and Capital Expenditure
Managing Net Working Capital (1)
10,0
 Working capital days is close ‘’0’’ days but flexible
enough to work with negative working capital
5,7
4,2
4,1
 Days in receivables is around 14, days in inventory is
around 27 and days in payables is around 42 as of
2011 (2)
0,0
(10,0)
 Working capital days may differ with respect to
specific periods and conditions
(11,1)
25
(20,0)
2008
2009
2010
2011
20
20
Net Capital Expenditures in MTL (3)
15
% of
Sales
Revenue:
14
25
2016
New
Stores:
10
15
10
5
4
0
5
0
2007A
7
16
4
4
2008
2008A
Existing Stores
(1)
(2)
(3)
2009
2010
2011
1.6%
0.5%
0.8%
1.2%
11
7
15
20
10
2008
12
6
3
4
7
3
4
7
2
1
1
5
13
4
7
2
2009A 2009 Jan - Sep '09 2010
Jan - Sep '10
New Stores
Defined as trade receivables + inventory – trade payables
Defined as trade receivables / sales * 365.
Defined as inventory / COGS * 365.
Defined as trade payables/COGS*365
Capex (including PP&E and intangibles), net of disposals.
2011
12
15
 Relatively low expansion and maintenance capex
required to sustain current stores and enable store
roll-out
 New store capex per store might vary from year-toyear depending on store types, (1MTL per store on
average)
 Mid-term target for store openings is 15 (-/+2) a year.
 Roll out new stores in both existing and new regions
26
Financial Takeaways
1
Strong Top-Line Growth
2
Operating Leverage and Increasing Profitability
3
Unlevered Balance Sheet
4
Low Expansion Capex Requirements
5
High Capital Returns
6
Solid Cash Flow Generation
27
Contact Information
HEADQUARTERS
Bizim Toptan Satış Mağazaları A.Ş.
Kusbakisi Cad. No. 19, Altunizade Üsküdar, Istanbul, Turkiye
T: +90-216-474-4280| F: + 90-216-474-4275
URL: www.bizimtoptan.com.tr
Bizim Investor Relations Manager
Gokhan Savas Tolu
[email protected]
+90 216-559-1106
28
Appendix
Income Statement
(*)
Excluding extraordinary income/(expenses)
30
Balance Sheet
31
L AT E
Store Pictures
CANDY
BI SCUI T
CAKE
F RUI T
CHO
CO
C H I P SD R I E D
CARBO
NAT ED
DRI NK
CARBO
NAT ED
DRI NK
T O
BEVERAG
CO
T EA
O
F F EE
SUG
N
F O
CO
O
D
PERSO
NAL
CARE
PAPER
PRO
DUCT S
BACCO
ES
AR F L O
UR
PUL SE
I L
PAST A
NO
BEVERAG
ES
DEL I CAT ESSEN
NSERVE SO
UP
BREAKF AST
DI APER
HYG
I ENI C
CL EANI NG
PRO
PAD
DEL I CAT ESSEN
DUCT S
32
Warehouse Pictures
33