CORPORATE PRESENTATION BIST: BIZIM

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1 CORPORATE PRESENTATION BIST: BIZIM 1

2 DISCLAIMER AND 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 This presentation does not include an official offer of shares; an offering circular will not be published.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. 2

3 COMPANY OVERVIEW BIST: BIZIM 3

4 BIZIM AT-A-GLANCE Turkey s 49th largest company based on net sales* Turkey s largest cash & carry company based on number of stores and geographic reach The only cash & carry company listed on the Borsa İstanbul Sales revenue of 2014 TL 2,279 million, with main category** sales revenue CAGR of 17.2% ( ) EBITDA CAGR of 14.4% ( ) *According to Fortune Magazine Survey 2013 **Excluding tobacco products 4

5 A HISTORY OF STRONG GROWTH CAGR Tobacco 2,0% Main Category 17,2% Total 11,9% 23.7% 15.6% % 2,7% ,247 2, % 124 1, % % 25.6% ,264 1, ,452 1,733 1, Revenues (MTL) Number of Stores Main Category Growth 5

6 KEY INVESTMENT HIGHLIGHTS Operates Within The Fast Growing Turkish FMCG Wholesale Market Cash & Carry: The Fastest Growing FMCG Channel Fast Growth BIZIM: Leading Cash & Carry Wholesaler With Very Strong Organic Growth Proven Business Model With High Flexibility And Scalability Demonstrated Financial Track Record Strong Cash Generation Increasing Profitability 6

7 TURKISH FMCG WHOLESALE MARKET FAST GROWING HIGHLY FRAGMENTED TL bn 150 SUPPLIERS Wholesalers & Distrubutors (>7.000) Cash & Carry Players (<10) c. 94% of FMCG wholesale market dominated by traditional wholesalers and distributors c estimated number of total wholesalers and distributors in Turkey HORECA Corporates, Offices, Small Companies Retailers Bakkals, Markets Only three Cash & Carry players of size in cash & carry market: Metro, Bizim and Tespo with sales revenues* of 2,9; 2,3 and 0,6 btl respectively Significant opportunity for Cash & Carry to professionalize and consolidate the FMCG wholesale market, which is estimated TL127bn All numbers and estimates are from Frost &Sullivan Bizim s estimation for the year 2014 END USER 7

8 Demand Supply TURKISH CASH & CARRY MARKET FASTEST GROWING FMCG CHANNEL KEY GROWTH DRIVERS TL bn OUTPACES WHOLESALE AND RETAIL CAGR 15% 10% 5% 0% 12.9% 9.6% 10,0% FMCG Wholesale FMCG Retail Cash & Carry Wholesale market consolidation Increased demand for larger network and end-user coverage Price stability and system standardization Membership format: Ability to track customer behaviour One-stop shopping, reasonable prices with payment facilities Addresses all customer types Underpenetrated segments, HORECA & Corporates Need for greater convenience and flexibility All numbers and estimates are from Frost and Sullivan 8

9 BIZIM: THE LEADING CASH & CARRY WHOLESALER IN TURKEY c. 5x STORE BASE OF LARGEST COMPETITOR EXTENSIVE NETWORK ACROSS TURKEY # of Stores (as of December 31, 2014) BIZIM Metro Tespo National footprint provides extensive end-user coverage Network covers 65 cities out of 81, currently a total of 21 stores in İstanbul, whereas the nearest competitor covers 20 cities of Turkey with 8 stores in İstanbul Local penetration provides convenience and proximity 9

10 PROVEN BUSINESS MODEL WITH HIGH FLEXIBILITY AND SCALABILITY HIGHLY FLEXIBILE Three Store Formats Tailored SKU Offering HIGHLY SCALABLE Low Startup Costs, Short Payback Low Working Capital Adjustable Store Layout Fast Decision Making Cost-Efficient Real Estate Adaptable Distribution Capacity Customers Products Stores Marketing Distribution Operating Excellence Price leadership and convenience Diversified mix tailors to different needs Develop and maintain close relationship c SKUs regionally tailored c. 95% branded products Three adjustable and scalable store formats Low start-up costs & short payback periods 100% leased-based In-depth customer insights Strong CRM capabilities Loyalty card: BIZIM Professionel Card Outsourced Adaptable capacity 0 cost model Low / negative working capital Low opex /capex Self financed 10

11 DIVERSIFIED AND GROWING CUSTOMER BASE DIVERSIFIED CUSTOMER BASE KEY TRENDS AND OBSERVATIONS Share of Customer Segments in Total Revenues % 6% 14% 10% 45% 2012 Individual Corporates Wholesalers Horeca Traditional Channel 2013 Diversified Cash & Carry customer base with all customer segments expected to grow significantly Limited concentration risk 29% 3% 11% 8% 29% 4% 13% 9% Feeds off multiple growth opportunities HORECA & Corporates & Individuals are leading segments in terms of growth potential 49% 45% Franchising system: New channel & first in B2B market 11

12 GROWTH OPPORTUNITIES IN HORECA & CORPORATE SEGMENTS Turkish C&C Market Customer Segments (1) CAGR # of Hotels & Rooms in Turkey (1) ( ) 500,000 HORECA Households HORECA 15.5% 19.9% 3,000 2, , , ,000 Corporates 14.4% 100,000 Wholesalers Mom & Pops 10.5% 9.0% 1, # of establishments # of rooms 0 Turkish HORECA & Corporates market is estimated to be around 18 bn Euros (2) More than 95% of this market is dominated by traditional players (Wholesalers, Distributors, Supermarkets etc) Sizeable players are: Metro Turkey (around 400 mn Euros) G2M (around 250 mn Euros) Bizim (around 200 mn Euros) Significant opportunity for organized players to consolidate the market (1) Frost & Sullivan (2) Company sources 12

13 BIZIM s HORECA OPERATIONS: A PROMISE FOR HIGH GROWTH STRATEGY Aggressively increase share of HORECA and Corporates segments in total revenues and become a major player in this segment ORGANIZATION Established dedicated HORECA stores and sales team and offers delivery services where necessary 2014 STATUS Share of HORECA & Corporates & individual segment on total sales reached to 29% in 2014 from 26% in 2013, vs 22% in 2012 and 18% in 2011 Operates 18 HORECA-centric stores 63.5% increase in number of active HORECA & Corporate & individual customers in 2014 vs 2013 Bizim Professional Card in place to increase HORECA sales and customer loyalty (c.c cards as of 2014) 13

14 BRANDED PRODUCTS STRATEGY 12% 25% % SALES MIX 12% 24% % STRATEGY ~9.000 SKUs regionally tailored with average of SKUs per store as of 31 December, /50 split between domestic and international products mix 14% Food Beverage Tobacco 26% % 29% 15% 17% Household Products, Personal Care & Chemicals Other Tobacco expected to decrease as a proportion of total sales in the future (20-22 % in the long run) VALUE PROPOSITION One-stop-shop experience driving customer traffic Competitive pricing 12% 15% 18% Private label and exclusive products representing ~5% of total sales and ~6,5% of main category sales (10-12% of total sales in the long term) 14

15 SUMMARY OF 2014 EARNINGS RESULTS BIST: BIZIM 15

16 TOP-LINE AND LIKE-FOR-LIKE SALES GROWTH TOP-LINE SALES (MTL) LFL MAIN CATEGORY SALES GROWTH vs GDP GROWTH Although topline growth was affected by credit card regulation and tough market conditions in B2B market, strong main category sales momentum continued with a CAGR of 15.9% from Increasing penetration on main category sales Tobacco growth is negative by -2.4% and expected to decrease as a proportion of total sales to the level of below 20% in the long run Due to credit card regulation and B2B market conditions LFL growth was temporarily affected negatively Main actions: increase number of customers and traffic Effective tools eg. Horeca friendly stores, launch of fresh fruit and meat categories, CRM, customer representative visits, promotions, category management, exclusive products offerings and launch of franchising system 16

17 GROSS PROFIT AND EBITDA PERFORMANCE GROSS PROFIT (MTL) OPERATIONAL EXPENSES OPEX (MTL) Gross Margin 8,4% 8,6% 8,5% 8,7% 8,8% 9,5% OPEX/ Sales 5,4% 5,4% 5,4% 5,7% 6,3% 7,5% Opex/Sales was mainly affected by limited utilization of operational leverage mainly due to low level of sales revenue growth, one-off store closing expenses (7 stores in 2014) and costs of franchising organization -Optimized merchandising mix (lower tobacco, increase focus on higher-margin products) -Focus on growing and profitable HORECA & Corporate & Individual segments -Limited employment for new stores, more decentralized management structure for increasing organizational efficiency -Leverage economies of scale in opex (*): Excluding other income/(expenses) Adjusted EBITDA Margin(*) ADJUSTED EBITDA (MTL) 3,6% 3,8% 3,6% 3,5% 3,1% 2,7% 17

18 SOLID CASH FLOW GENERATION & NEGATIVE WORKING CAPITAL NET INCOME (MTL) NET WORKING CAPITAL (MTL) Net Margin 1,5% 2,0% 1,7% 1,3% 1,8% 0,5% EPS (TL) 0,47 0,71 0,75 0,65 1,00 0,27 CAPITAL EXPENDITURES CAPEX (MTL) CASH FLOW FROM OPERATIONS (MTL) Existing Stores New Stores

19 2014 Fourth Quarter & Full Year Results ISE: BIZIM.TI Turkey's Leading Cash & Carry Wholesaler 19

20 SALES REVENUES (MTL) tax amnesty and prevailing ban on credit card installements impacted demand conditions Q4 Top-Line Growth Tobacco 0.0% Main Category 1.4% Total 1.0% Q4 LFL Growth Tobacco -5.3% Main Category -5.1% Total -5.1% % 28.8% 70.9% 71.2% 2013 Q Q4 Main Category Tobacco Tax amnesty significantly hurt the demand conditions, which limited the cash cycle in B2B market coupled with the In Q4, tax amnesty hurt the demand conditions mainly in B2B, prevailing ban on credit card installments. Company s strategic focus on profitable product sales continued which curbs sales growth on temporary basis as well Franchising operation continued to stimulate revenue growth by generating TL 23.2 million sales revenue during the 4Q2014. Turkey's Leading Cash & Carry Wholesaler 2014 Top-Line Growth Tobacco -2.4% Main Category 2.7% Total 1.4% 2014 LFL Growth Tobacco -7.5% Main Category -3.2% Total -4.3% 2, , % 23.5% 75.5% 76.5% Main Category Tobacco Q1 witnessed a major development; new credit card regulation, which prohibited installments on food sales and was still burden on market activities, Bizim Toptan gave a priority to develop and enrich its existing business model to get more sustainable and profitable growth The company s strategic focus on profitable product sales curbed sales growth in 2014 temporarily, Sales to new initiative -franchised markets stimulated topline growth by generating TL 41 million, The company s strategic focus on profitable product sales and channel based strategies as well as the new franchising system will secure sustainable and profitable growth levels for the future periods 20

21 GROSS PROFIT (MTL) Sustainable gross margin uplift in main categories continued Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q Gross Margins Q Gross Margins 2013 Gross Margins 2014 Gross Margins Tobacco 1.9% Tobacco 1.9% Tobacco 3.0 % Tobacco 2.6% Main Category 11.5% Main Category 11.9% Main Category 10.7% Main Category 11.6% Total 8.7% Total 9.0% Total 8.8% Total 9.5% % 12.0% 11.5% 10.9% 11.0% 10.5% 10.0% 9.5% 9.0% Q Q Gross Profit (MTL) Gross Margins 8.7% 9.0% 11.1% 11.3% 10.3% 10.5% 11.2% 11.5% 10.2% 11.90% 11.6% 11.40% Turkey's Leading Cash & Carry Wholesaler Gross Profit (MTL) Gross Margins 8.8% 9.5% The Company s strategic focus on profitable sales and channel base management system focusing on profitable Horeca and Corporate segments continued to give its visible outcome at profitability side on sustainable basis In Q4, main category gross margin showed 40bps improvement and reached 11.9%, the historically highest level of the company In 2014, main category gross margin increased by 90bps and reached 11.6% 21

22 OPEX (MTL) limited utilization in operational leverage, one-off store closing expenses and the impact of franchising organization % % % 5.5% % 7.2% 5.3% 6.4% 2013 Q Q OPEX Margins Sales&Marketing Headoffice 6.5% 8.1% Opex to sales in 4Q 2014, was higher due limited utilization of operational leverage, one-off store closing expenses and additional costs mainly resulted from new franchising system Bizim Toptan closed 4 non efficient stores during the quarter and related to that the company wrote off one - off expenses One-off expenses and dilution effect of franchising operation increased opex/sales ratio by 40bps Opex to sales is higher than the last year due to; limited utilization of operational leverage mainly due to low level of sales revenue growth, One-off store closing expenses (7 stores in 2014) Costs of franchising organization One-off expenses and dilution effect of franchising operation increased opex/sales ratio by 30bps To mitigate the increasing cost level, Bizim initiated major cost improvements; limited employment for new stores, more decentralized management structure for increasing organizational efficiency Turkey's Leading Cash & Carry Wholesaler Sales&Marketing Headoffice OPEX Margins 6.3% 7.5% 22

23 ADJUSTED EBITDA (MTL) unlevered opex, one-off store closing expenses and unlevered opex of franchising operations shadowed better performances Q Q4 Adj.EBITDA 2.8% 1.6% Margins Adjusted EBITDA margin was mainly affected by higher opex level due to the limited utilization of operation leverage resulting from surprisingly lower sales growth 4 stores closing expenses and dilution effect of franchising operation also reduced the EBITDA margin by 50bps totally, Sustainable gross margin improvement in main category is promising for the following quarters EBITDA performance Turkey's Leading Cash & Carry Wholesaler Adj.EBITDA 3.1% 2.7% Margins EBITDA margin was lower than same period of the last year; lower utilization of operational leverage lower tobacco inventory gain one-off store closing expenses Unlevered franchising system costs One-off store closing expenses and dilution effect of the franchising operation reduced adj. EBITDA margin by 30bps Excluding the impact of tobacco inventory gain from both years, EBITDA margin was in line with last year Focusing on profitable sales such as Horeca, corporates and individual customer segment by the new channel based strategy, franchising development, increasing operational efficiency through new decentralized management, and positive effects of closing non-performing stores are expected to deliver its more positive and visible results in the coming quarters 23

24 NET INCOME (MTL) unleveraged opex, one-off expenses related store closings and unlevered opex of franchising operation affected bottom-line performance 39.8 Gain from Şok s Stake Sale TL 14.4 mn 5.5 NET Margins (3.70) Net Income Q Q NET Margins Net Income 0.9% -0.6% 1.8% 1.1% * 0.5% Net income was lower than the same period of the last year due to unleveraged opex, one-off store closing expenses and dilution effect of franchising operation Total effect of one-off store closing expenses and the dilution effect of franchising operation on net margin was 80bps, if those were excluded, net margin would be plus 0.2% * Excluding the gain of Şok s stake sale In 2014, Bizim Toptan gave a priority to develop and enrich its existing business model to get more sustainable and profitable growth. Şok s stake sale gain, lower tobacco inventory gain, limited utilization of operational leverage, one-off store closing costs, dilution effect of franchising operation deferred to better performances in net margin Total effect of one-off store closing expenses and the dilution franchising operation on net margin was 40bps If Şok s stake sale gain and differences in tobacco inventory gain were excluded, net margin difference between both periods would be only 10bps. Turkey's Leading Cash & Carry Wholesaler 24

25 CAPEX (MTL) 4 low efficient stores closed strategically Frc Syst. acquis. TL 30.0 mn Q Q # New Stores # Relocations # New Stores # Relocations The store openings eased down strategically, the company didn t open any new store, 4 low efficient stores closed during the quarter, Capex was invested for the refurbishing and formatting activities of existing 18 stores 4 of which converted to new store types TL 6.4 million of the capex was financed by medium-term leasing, In 2014, 8 stores were opened, 7 stores were closed and 1 store was relocated TL 15.6 million of the capex was financed by mediumterm leasing Bizim Toptan reached 153 stores in 65 cities of Turkey out of 81 Net sales area increased by 4% and reached Ksqm nearly 1.3Ksqm of which were the positive gains of new stores formats and refurbishments. *2014 capex includes franchising system acquisition payment of TL 30 million Turkey's Leading Cash & Carry Wholesaler 25

26 WORKING CAPITAL & NET DEBT (MTL) Negative working capital to be sustained MTL Trade Receivables Inventory Trade Payables Strict Working Capital Average Days (*) Trade Receivables Inventory Trade Payables Strict Working Capital (*) Calculated based on net sales MTL Financial Debt Short-term Long-term Cash and cash equivalents Net Debt Extended terms of corporate credit cards and BPC and also franchising operations led to increase in days in receivables, On trade payable side, prepayments were reduced by leading strong cash generation, For the upcoming periods; by pulling down inventory levels and improving purchasing power on suppliers; the company management continue to generate negative working capital and cash inflow Turkey's Leading Cash & Carry Wholesaler 26

27 FRANCHISING SYSTEM new blood into system: beat the company guidances Actuals Company Outlook July 2014 (Acquisition) Q August December Year 1 Year 4 Number of stores Number of stores Revenue (million TL) Revenue forecast (million TL) (*) ~200 ~800 Franchisees procurement ratio (%)* ~ Franchisees procurement ratio (%) ~ * Procurement ratio shows the average of the period Turkey's Leading Cash & Carry Wholesaler 27

28 FRANCHISING SYSTEM BIST: BIZIM 28

29 ACQUIRING THE FRANCHISE SYSTEM TL30m + VAT is paid to acquire the franchising system of Şok with 196 stores Main rationale is to deliver sustainable growth and penetration in market channel 91 stores are currently operated under COFO (company owned, franchisee operated) model and rent agreements of these stores belong to franchisor Franchising system will be similar to peers in developing countries like symbol /franchising groups Operational model will be soft (white) where the high level of entrepreneurship will be kept The franchising stores will be operated by the franchisee under the franchising umbrella Bizim Toptan will provide a branded shop fascia, advantageous buying terms, access to own brand ranges, IT and logistical support, marketing and promotional programs, professional guidance and advice The name of the fascia is currently under study Number of stores Jun '14 ~40K sqm FOFO COFO FOFO: Franchisee owned, franchisee operated COFO: Company owned, franchisee operated 29

30 HIGHER VALUE PROPOSITION TO FRANCHISEES Value proposition Other suppliers Bizim Toptan Branded shop fascia Delivery Target bonuses Discount on store pick up # of SKUs Limited with their agreements Average distance to warehouse/store Payment terms Marketing support (CRM, promotions, inserts etc.) n.m. Open account (collection in 5-20 days) 21km Letter of guarantee, open account & instalments with BPC (*) Operational support (Helpdesk, online purchase order, cashier & POS management etc.) Better value offerings should lead higher sales to franchisees (*) Bizim Professional Card 30

31 REGIONAL FOCUS OF THE FRANCHISE SYSTEM We will focus on Western part of Turkey, as classic C&C business is already strong and growing in the East, and logistics infrastructure has already been in place in the West 31

32 SALES & PROFITABILITY CONTRIBUTION OF THE FRANCHISING SYSTEM KEY HIGHLIGHTS What we invested is not solely an established franchising operation but also a platform on which we are going to develop and grow Development and growth will be based on two drivers: Increasing purchase level of franchising markets New markets addition into system The number of franchisee is projected to rise up from 196 to 600 stores in 4 years time Currently, franchise stores buys about 40% of their goods and first target is to rise it up to 45-50% by 2014 end Bizim Toptan will offer higher value proposition to franchisee to improve their purchases from Bizim Toptan According to franchise agreements, franchisees are to buy 80% of their goods from franchisor and we are projecting to reach up to this ratio over the next 4 years 32

33 FRANCHISING OPERATIONS FINANCIALS METRICS Year 1 Year 4 Number of stores Revenue forecast (million TL) (*) ~200 ~800 Franchisees procurement ratio (%) ~ At the year of 2015, system is estimated to generate positive EBITDA level In 3 year period, system is projected to exceed 3% EBITDA level and pay back in 4th year (*) From August 2014 to end of December

34 INVESTMENT BENCHMARK VS MULTIPLES & NEW STORES INVESTMENT Favorable EV/Sales Multiple 0,23x EV/Sales Under the conservative Sales scenario where 40% procurement ratio is taken into account 0,15x EV/Sales Franchising Operations vs New Stores Investment cost in franchise operations with 196 stores = TRY 30mn Investment need for ~ 20 new cash & carry stores = TRY 30 mn Under the optimal sales scenario where 80% procurement ratio is taken into account Favorable multiples compare to the peer transactions Annual sales revenue of franchise operations with 196 stores is greater than or equal to annual sales revenue of 20 new cash & carry stores 34

35 APPENDIX Turkey's Leading Cash & Carry Wholesaler 35

36 APPENDIX INCOME STATEMENT* MTL 4Q Q Revenue YoY Growth 11.4% 1.0% 13.8% 1.4% Gross Profit Gross Margin 8.7% 9.0% 8.8% 9.5% Mark., Sales and Distr. Expenses Gen. & Adm. Expenses Other Income / (Expenses) Related to Operating Activities Operating Profit Income/Expense Related to Investing Activities Profit Before Finance Expence Financial Income / (Expenses) Profit Before Tax Tax Expense Net Income Net Income Margin 0.9% -0.6% 1.8% 0.5% Adjusted EBITDA(*) Adjusted EBITDA Margin(*) 2.8% 1.6% 3.1% 2.7% EPS *In accordance with the new illustrative financial statement and guidance issued by the CMB on June 7, 2013 effective from the interim periods after March 31, 2013 Turkey's Leading Cash & Carry Wholesaler 36

37 APPENDIX BALANCE SHEET ASSETS(*) MTL Current Assets Cash and Cash Equivalents Trade Receivables Other Receivables Inventory Prepaid Expenses Current Income Tax Assets Other Current Assets Non Current Assets Other Receivables Prop., Plant and Equipment Intangible Assets Prepaid Expenses Total Assets *In accordance with the new illustrative financial statement and guidance issued by the CMB on June 7, 2013 effective from the interim periods after March 31, 2013 Turkey's Leading Cash & Carry Wholesaler

38 APPENDIX BALANCE SHEET LIABILITIES AND EQUITY (*) MTL Current Liabilities Short-Term Financial Liabilities Trade Payables Employee Benefits Deferred Income Income Tx Payables Short-Term Provisions Other Current Liabilities Non Current Liabilities Long-Term Financial Liabilities Provision for Empl. Benefits Deferred Tax Liabilities Equity Paid in Capital Other comprehensive income/expense Restricted Reserves Appropriated from Profits Retained Earnings Net Profit for the Year Total Liabilities and Equity *In accordance with the new illustrative financial statement and guidance issued by the CMB on June 7, 2013 effective from the interim periods after March 31, 2013 Turkey's Leading Cash & Carry Wholesaler

39 APPENDIX SHAREHOLDER STRUCTURE ( ) 49%* 51% Yıldız Holding Public (*): According to Central Registration Agency free loat data as of Turkey's Leading Cash & Carry Wholesaler 39

40 CONTACT INFORMATION INVESTOR RELATIONS Işıl Bük Investor Relations Manager website: Turkey's Leading Cash & Carry Wholesaler 40

41 APPENDIX STORE PICTURES Turkey's Leading Cash & Carry Wholesaler 41

42 APPENDIX WAREHOUSE PICTURES Turkey's Leading Cash & Carry Wholesaler 42

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