2013 Q2 FactSheet - Bizim Toptan Satış Mağazaları Yatırımcı İlişkileri

INVESTOR FACT SHEET
*as of May 2, 2013
BIZIM TOPTAN BY THE NUMBERS (as of June 30, 2013)
Sales Revenue
TL 559 M
Active Customers (*)
333.000
Number of Stores
144
Average SKUs per Store
3.500
National Footprint
63 out of 81 cities
(*): as of December 31, 2012
ABOUT BIZIM TOPTAN
Headquartered in Istanbul, Bizim Toptan Satış Mağazaları A.Ş (Bizim
Toptan) is a leading Cash-and-Carry (C&C) wholesaler with a national
footprint of 144 stores located in 63 out of 81 cities throughout
Turkey. Incorporated in 2001, Bizim Toptan began its operations in
2002 with 14 stores, of which 8 were operated under a franchising
arrangement. In 2006 and into 2007, the Company transitioned from
a franchise model to becoming a full fledge operator of their own
stores, with a determined focus on driving profitable growth and to
capture the opportunities emerging within the Turkish wholesale
market at that time. In 2007, 2008, 2009, 2010, 2011 Bizim Toptan
opened 20, 11, 7, 12 and 15 new stores, respectively. In 2012, the
Company added 13 new stores to its network.
Bizim Toptan operates a chain of wholesale cash-and-carry stores
throughout Turkey, selling branded food products, non-alcoholic
beverages, tobacco, household chemicals and personal hygiene
products. The Company’s customers include wholesalers,
traders/distributor wholesalers, “bakkals” (small local grocery stores
with less than 50 square meters of floor space), markets (local
markets with between 50 and 400 square meters of floor space),
supermarkets (which have more than 400 square meters of floor
space), specialized retailers, corporate institutions, HORECA (hotels,
restaurants and cafes) customers among others.
The Company’s product offering consists of approximately 3.500
products, or stock keeping units (“SKUs”), nationwide. The SKUs can
be grouped as branded third-party products and private label
products, of which approximately 95% branded and 5% private labelbranded products.
DISCLAIMER STATEMENT
Bizim Toptan Satış Mağazaları A.Ş. has prepared this factsheet (the “Document”)
consisting of documents thereto for the sole purposes of providing information and
projections and statements relating to Bizim Toptan (the “Information”). Bizim cannot
guarantee the accuracy, adequacy, or completeness of such information, and cannot be
responsible for the results. The Information is subject to change without any notice.
Neither the Document nor the Information can construe any investment advice, or an
offer to buy or sell Bizim shares. This Document and/or the Information cannot be
copied, disclosed or distributed to any person other than the person to whom the
Document and/or Information delivered or sent by Bizim or who required a copy of the
same from Bizim Toptan.
KEY INVESTMENT HIGHLIGHTS
 Turkey’s largest C&C FMCG wholesaler, based on number of
stores and geographic reach;
 One of the fastest growing C&C wholesaler in terms of
revenue between 2007-2012 (main category CAGR of 19,4%);
 Highly-experienced management team with deep
understanding of the FMCG retail market;
 First-mover advantage and well-positioned to capitalize on
the growing C&C segment within Turkey’s highly-fragmented
wholesaler market;
 Highly-flexible and scalable as business model allows for
strong sales and growth;
 Significant geographic reach with stores in 63 of the 81 major
cities in Turkey and growing;
 Consistently offers customers lowest price and highest
convenience to capture and retain market share; and
 2012 like-for-like top-line growth was 9,9% with 10,9% growth
in main categories, as of December 31, 2012.
TURKEY’S COMPELLING CASH-AND-CARRY MARKET
As urbanization trends continue to evolve, this will fuel increased
consumer purchasing power and household consumption trends.
Turkey is the sixth largest economy in Europe and one of the
fastest growing markets. Globally, the country is the 16th largest
economy.
Frost & Sullivan predicts that the cash-and-carry market will grow
at 12.9% CAGR over the next five years. Currently, C&C only
represents approximately 4.6% of the total FMCG wholesale
market, which is highly-fragmented in Turkey, and still dominated
by smaller independent distributors.
The Fast Growing C&C Market
8,0
7,2
6,4
6,0
TL Bn
BIZIM TOPTAN–AT-A-GLANCE
Istanbul Listed since February 2011: ISE: BIZIM, Bloomberg: BIZIM.TI,
Reuters: BIZIM.IS
Market Capitalization*: 1.220 TL M
Total Shares Outstanding*: 40,000,000
Fiscal Year-End: December 31st
Industry: FMCG Wholesaler
No. of Employees: 1.627
4,0
3,5
3,9
4,4
5,0
5,6
2,0
0,0
2009
2010
2011
2012
2013
2014
2015
As growth in affluence and socio-economic status improves in
Turkey, this should also elevate travel and tourism. Bizim Toptan
believes there is significant growth potential within this market
segment and is focused building its market share within this
segment.
For more information, please visit us at www.bizimtoptan.com
NATIONAL FOOTPRINT
MANAGEMENT TEAM
Mr. Recep Özalp
Mr. Ziya Kayacan
Mr. Bayram Ali Yıldırım
Mr. Recep Çalışkan
General Manager (CEO)
CFO
Director (Sales & Operations)
Director (Procurement)
BOARD OF DIRECTORS
NET SALES and STORE GROWTH
2500
2000
1264
1500
1237
1452
1733
1974
1061
900
1000
500
2008
2009
2010
2011
90
97
109
124
2012 1H 2012 1H 2013
137
8,6%
8,5%
8,7%
8,9%
9,3%
3,8%
3,6%
3,5%
3,5%
3,5%
2010
2011
2012
1H'12
1H'13
124
Chairman
Vice Chairman
Member
Mr. Ali Ülker
Member
Mr. Mehmet Atila Kurama
Mr. Tahsin Pamir
Mr. Ersin Taranoğlu
Mr. Cengiz Solakoglu
Mr. Güven Obalı
Member
Member
Independent Member
Independent Member
Independent Member
SHAREHOLDERS STRUCTURE*
Free Float – 39%
Yıldız Holding A.S. – 50%
Other – 11%
*according to CRA data as of 31.03.2013
0
# Stores
Mr. Murat Ülker
Mr. Mustafa Yaşar Serdengeçti
Mr. Ahmet Özokur
144
EBITDA and GROSS MARGINS
7,4%
8,4%
2,4%
2,7%
2008
2009
Gross Margins
EBITDA Margins
FINANCIAL HIGHLIGHTS
(MM TL)
Sales Revenue
Profit before tax (loss)
Net Profit (loss)
Earnings per share (TL)
2Q’12
472,8
6,1
5,0
0,12
(MM TL)
2Q’13
559,3
8,1
6,4
0,16
31.12.2012
1H’12
1H’13
900,0 1061,8
14,9
19,5
12,0
15,5
0,30
0,39
30.06.2013
Current Assets
Non-Current Assets
TOTAL ASSETS
Current Liabilities
Non-Current Liabilities
276,4
113,6
390,0
265,0
4,2
333,2
117,6
450,8
322,7
4,1
Equity
TOTAL LIABILITIES AND EQUITY
121,0
390,0
124,0
450,8
*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
FINANCIAL ANALYST COVERAGE
Bizim Toptan is currently covered by the following analysts listed below.
Firm Name
Analyst
Ak Yatırım
Ata Invest
BGC Partners
Bizim Menkul Değerler
BofA Merrill Lynch
Burgan Yatırım
Citi
Deutsche Bank
Eczacıbaşı Yatırım
Ekspres Yatırım
Erste Menkul
Finans Invest
Garanti Yatırım
HSBC
İş Yatırım
JPMorgan
Oyak Yatırım
Renaissance Capital
Standart Ünlü
TEB Yatırım
Tera Brokers
Wood&Co
Yapı Kredi Yatırım
Yatırım Finansman
Mr. Bertuğ Tüzün
Mr. Cemal Demirtaş
Ms. Berna Kurbay
Ms. Ayşe Yıldıran
Ms. Gizem Bodur
Mr. Burak İşyar
Mr. Mehmet Çolakoğlu
Mr. Erol Danış
Mr. Akif Daşıran
Ms. Melda Ağırdaş
Mr. Görkem Göker
Mr. Can Öztoprak
Ms. İrem Okutgen
Mr. Bülent Yurdagül
Ms. Esra Suner
Mr. Jaime Vazquez
Mr. Serhat Kaya
Mr. Mete Özbek
Mr. Vedat Mizrahi
Ms. Sabriye Gözde Cullas
Ms. Fulin Önder
Mr. Erik Hegedus
Mr. Özgür Göker
Mr. Kenan Turan
Telephone
+90 212 334 9467
+90-212-310-6285
+90-212-339-4228
+90-216-547-1300
+90-212-319-9500
+90-212-317-2709
+90-212-319-4771
+90-212-319-0327
+90-212-319-5683
+90-212-336-5174
+90-212-371-2534
+90-212-282-1700
+90-212-384-1135
+90-212-376-4616
+90-212-350-2572
+34-91-516-1421
+90-212-319-1276
+90-212-362-3505
+90-212-367-3676
+90-216-636-4532
+90 212 365 1015
+44-022-209-6256
+90 212-319-8367
+90-212-317-6864
HEADQUARTERS
Bizim Toptan Satış Mağazaları A.Ş.
Kuşbakışı Cad. No. 19, Altunizade Üsküdar, Istanbul, Turkiye
T: +90-216-474-4280| F: + 90-216-474-4275
URL: www.bizimtoptan.com.tr
For more information on Bizim Toptan, please contact:
Gokhan Savas Tolu, Bizim Investor Relations Manager
[email protected] .tr | +90 216-559-1106