MIGROS TICARET Omni-channel retailer, evolving beyond trade
Company Presentation
2023
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 audited consolidated financial statements for the years 2022 and 2023 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 year 2023 has been prepared by applying inflation accounting in accordance with the provisions of IAS 29 and is based on independently audited annual financial data. In addition to these data, in accordance with CMB's decision dated 07.03.2024 and numbered 14/382 and considering that our Company's guidance and quarterly financial performance for 2023 was presented using 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
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Market Share Evolution
Expansion
Financial
Overview
Strategy Update
Summary &
Guidance
Operations & Financials
Market Share Evolution
Growth Focus
Migros FMCG Market Share (%)
Omni channel & Multi format
Further
+60 bps
+120 bps
15.0 16.2
Market
Share Gain
Price
Investments
penetration in rural districts
8.7 9.3
2022 | 2023 | 2022 | 2023 | |||
Total FMCG | Modern FMCG | |||||
4 Source: Nielsen
Note: FMCG: Fast Moving Consumer Goods, Modern and total FMCG market include all food-retail formats
Physical & Online Expansion
# of Stores
+455
2,908 3,363
20222023
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Sales Area | Online Service Stores |
(k sqm) | |
7.5% | +137 |
1,930 | 1,093 |
1,796 | 956 |
2022 | 2023 | 2022 | 2023 |
CAPEX (TL million)
with IAS 29 inflation accounting
without IAS 29 inflation accounting
6
% of Sales
2.9% | 3.5% | CAPEX Breakdown % | ||||
56% | 2023 | |||||
6,408 | ||||||
4,101 | ||||||
IT, R&D, | ||||||
New Stores | 36% | Energy | ||||
36% | ||||||
2022 | 2023 | |||||
15% | ||||||
8% | 5% | |||||
3.0% | 3.8% | |||||
143% | 5,486 | Refurbishment of | ||||
New DCs | Stores & DCs | |||||
2,262 | Subsidiaries |
20222023
Financial Overview
Consolidated Sales (TL million)
29%
181,674
140,480
with IAS 29 inflation accounting
20222023
80% | 96% | |||
145,810 | ||||
without IAS 29 | 43,953 | 74,502 | ||
24,448 | ||||
inflation accounting |
4Q 2022 | 4Q 2023 | 2022 | 2023 |
8 | | | | | 6.3% |
Gross Profit (TL million)
with IAS 29 inflation accounting
without IAS 29 inflation accounting
9|
5,276
4Q 2022
1.9%
21.6%|
29%
34,003
26,270
2022 | | | 2023 |
18.7% | 18.7% |
100%
10,52717,800
| | | | 4Q 2023 | 2022 |
1.9% | 1.9% | ||
24.0% | 236.9%.3% |
94% 34,579
| 2023
| 1.9% | 23.7%5.1%
Consolidated EBITDA (TL million)
3,761 | -14% |
3,221 |
with IAS 29 inflation accounting
| | 2022 | | | 2023 |
2.7% | 1.8% | ||
80% | 64% |
9,784
2,789 | 5,968 |
1,551
without IAS 29 inflation accounting
3,469
2.4%
2022 | 2023 | ||||||||
4Q 2022 | || | 4Q 2023 | || | ||||||
10 | 6.3% | 6.3% | 8.0% | 6.7% | |||||
* EBITDA = Operating Profit + Amortization - Other Income + Other Expenses |
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Disclaimer
Migros Ticaret AS published this content on 18 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2024 21:15:04 UTC.
