MIGROS TICARET Omni-channel retailer, evolving beyond trade
Company Presentation
1Q 2024
Disclaimer
In accordance with the decision of the Capital Markets Board (CMB) dated 28.12.2023 and numbered 81/1820, it has been decided that issuers and capital market institutions, which apply Turkish Accounting/Financial Reporting Standards and are subject to the financial reporting regulations of CMB, shall apply inflation accounting by implementing the provisions of IAS 29 starting from their annual financial statements for the fiscal years ending on 31.12.2023.
In this context, our company's consolidated financial statements for the 1Q 2023 and 1Q 2024 have been adjusted for the effect of inflation in accordance with the relevant standard and published comparatively.
This presentation of our Company's financial results for the 1Q 2024 has been prepared by applying inflation accounting in accordance with the provisions of IAS 29. In addition to these data, considering that our Company's guidance was presented as non- inflationary financial data, in order for our investors and other relevant parties to analyze Migros' financial performance more comprehensively. Non-inflationaryand unaudited datafor selected key items used in the Company's presentations in previous periods are also included in this presentation for informational purposes only.
This presentation has been prepared to provide information about Migros' operations and financial results and includes inflation- adjusted data and estimates as well as non-inflation-adjusted data and estimates for informational purposes. This presentation contains certain forward-looking statements, opinions and estimates. They reflect Migros management's current views on the future of the Company and involve certain assumptions. Actual results may differ depending on the development and realization of the variables and assumptions that form future expectations and estimated figures.
The Company, the members of the Board of Directors, employees or any other person shall not be held responsible for any damages that may arise from the content of this presentation.
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Contents
Operational & Financial Overview
Strategy Update
Summary &
Guidance
Appendix
3
Market Share Evolution
Growth Focus
Omni channel &
Multi format
Market
Share Gain
Price
Investments
Further penetration in rural districts
Migros FMCG
Market Share* (%)
15,7 15,7
+10 bps
9,49,5
1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | |||
Total FMCG | Modern FMCG | |||||
*Note: Migros' market share is maintained in organized trade despite high base of last year
4 Source: Nielsen
Note: FMCG: Fast Moving Consumer Goods, Modern and total FMCG market include all food-retail formats
Physical & Online Expansion
# of Stores
396
2.991 3.387
73
new
stores
1Q 2023 | 1Q 2024 |
5
Sales Area | Online Service Stores | |
(k sqm) | ||
6.8% | 169 | |
1.946 | 1.137 | |
1.822 | ||
968 | 44 | |
new |
stores
1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 |
CAPEX (TL million)
with IAS 29 inflation accounting
without IAS 29 inflation accounting
% of Sales | ||
1.8% | 107% | 3.4% |
1.765 | ||
853 | Increase in CAPEX is mainly | |
due to DC investments |
1Q 2023 | 1Q 2024 |
1.8%3.3%
253% 1,711
485
6 | 1Q 2023 | 1Q 2024 |
Consolidated Sales & Gross Profit (TL million)
Sales | 19.8% Gross Profit 20.4% |
12% | 15% |
52.406
with IAS 29 | 46.976 |
inflation accounting |
9.302 10.665
1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | ||
Imputed Interest Rate Impact | 130 bps | 390 bps | |||
Inventory inflation adj. Impact | -430 bps | -610 bps | |||
without IAS 29 | 89% | 24.1% | 26.3% |
inflation accounting | 106% |
51,371 | 13,514 | |
27.183 | ||
6.550 | ||
7 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 | ||
Consolidated EBITDA & Net Income (TL million)
2.2% EBITDA 1.2%
-37%
with IAS 29 | 1.035 |
inflation accounting |
653
1Q 2023 | 1Q 2024 |
6.5%7.3%
112% | |
without IAS 29 | 3,764 |
inflation accounting |
1.776
190 bps hit due to ~100% (nominal) increase of min. wage y-o-y
80 bps favorable impact (net of + imputed interest rate impact - IAS 29)
5.1% Net Income 2.4%
2.410 -47%
1.266
1Q 2023 | 1Q 2024 |
2.1%1.2%
5%
566597
8 | 1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 |
Inflation-accounting impact on EBITDA & Net Income
2,576 | -2,080 | ||||||
3,764 | 103 | -3,213 | |||||
490 bps | -400bps | ||||||
-610bps | 3,213 | -648 | |||||
-120bps | |||||||
-614 | |||||||
Margin | |||||||
-120bps | 1,266 | ||||||
7.3% | |||||||
653 | -1,834 | 610 bps | Margin | ||||
Margin | |||||||
2.4% | |||||||
1.2% | -350bps | ||||||
1Q 2024 | P&L | Inventory | 1Q 2024 | Depreciation Inventory | Asset & | Due date | Financial | Tax | Net Income |
inflation adj. | EBITDA | inflation adj. | Other | charges & | Expense | with | |||
Inflation | |||||||||
EBITDA | (reclassified | with | (reclassified | monetary | other | IAS 29 | |||
Adj | |||||||||
w/o IAS 29 | as Monetary | IAS 29 | as Monetary | gain | |||||
Gain) | Gain) |
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Total Equity & Total Financial Debt (TL million)
with IAS 29 inflation accounting
Total Equity | Total Financial Debt* |
26% | -62% |
42.809 | 4.178 |
34.042 |
1.580
1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 |
*w/o IFRS 16 | ||
160% 12,315 | 2.480 | -36% |
1,580
without IAS 29 | 4.742 |
inflation accounting |
1Q 2023 | 1Q 2024 | 1Q 2023 | 1Q 2024 |
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*w/o IFRS 16
Attachments
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Disclaimer
Migros Ticaret AS published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 20:23:52 UTC.
