company presentation · accordingly, undue reliance should not be placed on any of the industry,...

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Company Presentation3Q 2019

Disclaimer Statement

1

Migros Ticaret A.Ş. (the “Company”)has prepared this presentation for the sole purpose of providing information about its business, operations and financial results.

The information in this presentation is subject to updating, revision and amendment. The information in this presentation, which includes certain information drawn fromexternal sources, does not purport to be comprehensive and has not been independently verified. No reliance may be placed for any purpose whatsoever on the informationcontained in this presentation or any assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, any of itssubsidiaries or any of its advisers, officers, employees or agents, as to the accuracy, reliability or completeness of the information or opinions contained in this presentation or inany revision of the presentation or of any other written or oral information made or to be made available to any interested party or its advisers. Save in the case of fraud, noresponsibility or liability is accepted (and all such liability is hereby excluded for any such information or opinions). No liability is accepted by any of them for any suchinformation or opinions (which should not be relied upon) and no responsibility is accepted for any errors, misstatements in or omissions from this presentation or for any losshowsoever arising, directly or indirectly, from any use of this presentation or its contents. The information and opinions contained in this document are provided as at the dateof this presentation and are subject to change without notice.

To the extent available, the industry, market and competitive position data contained in this presentation come from official or third party sources. Third party industrypublications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of theaccuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Companyhas not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation come fromthe Company’s own internal research and estimates based on the knowledge and experience of the Company’s management in the markets in which the Company operates.While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified byany independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, marketor competitive position data contained in this presentation.

This document is not intended for potential investors and does not constitute a financial promotion or other invitation or inducement to engage in investment activity. Inparticular, this document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase orsubscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract orinvestment decision. The information, statements and opinions contained in this document do not constitute any advice or recommendation regarding the securities of theCompany or other financial instruments. The content of this presentation has not been approved by an authorized person within the meaning of the Financial Services andMarkets Act 2000 of the United Kingdom.

In the United Kingdom, this presentation is only being distributed to persons who are reasonably believed to be persons who fall within Articles 19 (Investment professionals) or49 (High net worth companies etc.) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 or to other persons to whom this presentation mayotherwise be lawfully distributed. This presentation is being distributed outside the United Kingdom only to persons to whom this presentation may lawfully be distributedpursuant to any applicable legal requirements. Persons to whom this presentation may not lawfully be distributed should return this presentation immediately to the Companyand in any event, must not act or rely upon the information contained in this presentation. By reading this presentation or attending or listening to any relevant meeting,conference call or podcast organized by the Company, each person is deemed to confirm, warrant and represent that they are persons to whom this presentation may lawfully bedistributed.

This presentation contains “forward looking statements” which may relate to, without limitation, the Company’s plans, objectives, goals, strategies, future operationalperformance, and anticipated developments in the Turkish retail market and the Turkish economy. These forward looking statements are characterized by words such as“anticipate”, “estimate”, “believe”, “intend”, “plan”, “predict”, “may”, “will”, “would”, “should”, “continue”, “expect” and similar expressions, but these expressions are not theexclusive means of identifying such statements. Such forward looking statements involve risks, uncertainties and other important factors that could cause circumstances or theCompany’s actual results, performance or achievements to be materially different from any future circumstances, results, performance or achievements expressed or implied bysuch statements. Relevant risks and uncertainties include, among others, economic slowdown, sector consolidation, consumer demand, competitive pricing and activities. Therecan be no assurance that actual results will not differ materially from expectations, and, therefore, readers are cautioned not to place undue reliance on such statements. Anyforward-looking statement in this presentation speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-lookingstatement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Further details of the principalrisks and uncertainties affecting the Company are provided in the Company's filings with the Istanbul Stock Exchange, including the Company's most recent annual report.

By reading this presentation or attending or listening to any relevant meeting, conference call or podcast organized by the Company you agree to be bound by the aboveprovisions.

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1

2

Agenda

Migros in a snapshot

Operating environment

3

7

Review of historical financial performance & projections 283

Geographical Footprint

◼ Operating in 3 countries

— Turkey (81 cities out of 81)

— North Macedonia and Kazakhstan (44 stores)

2,165 Stores1

◼ 2,044 (supermarkets)

◼ 56 (upscale supermarkets)

◼ 21 (wholesale and foodservice stores)

◼ 44 (international stores)

◼ Migros Online

— 3.5m members and 70% mobile orders

— Tazedirekt

Innovation, Loyalty & Customer Service

◼ 7m loyal households Money Club Card

◼ Introduced more than 100 innovations for the retail market

Sustainability andCorporate Governance

◼ Member of “BIST Sustainability Index”

◼ Included Corporate Governance Index since 2015

◼ 32,114 employees of which 40% are women

◼ Best retailer of the country 15 years in a row2

Migros at a Glance

80% of HH

+10038% of HH

65th

Year!

1 as of September 30, 20192 Capital Business magazine.

3

Ownership Structure

Direct Shareholding Structure

Migros Ticaret A.S.

AG Anadolu Grubu Holding

A.Ş.

50.00%

Free Float

26.81%

Migros Ticaret A.Ş.

BC Partners

& related funds

23.19%

Indirect Shareholding Structure

Kenan Investments S.A.

14.88%

MH Perakendecilik ve Ticaret A.Ş.

49.18%

Free Float

26.37%

MoonlightCapital S.A.

7.94%

Migros Ticaret

A.Ş.

AG Anadolu Grubu Holding

A.Ş.

100.00%

Migros Ticaret A.Ş.*

1.64%

BC Partners

& related funds

(*): Migros purchased its own shares due to the merger in 2018 in accordance with relevant CMB legislation

Note: Anadolu Group maintains its 50% stake in Migros

4

Istanbul Municipality/ StateInstitutions (49%) & Private Sector (Koç Holding 51%)

Private Sector(Koç Holding 51%) & Public 49%

Anadolu Group 50.0% & BC Partners 23.2%Joint VentureFree Float 26.8%

Foreign investment(Swiss Migros 50%) &Istanbul Municipality/StateInstitutions (50%) Joint Venture

BC Partners 80.51%& Public 19.49%

1st era(1954–1974)

2nd era(1975–1990)

3rd era(1991–2008)

4th era(2008–2015)

5th era(2015–…)

Migros has been a leading supermarket operator since its foundation 65 years ago

◼ Migros was established in 1954 (as a joint venture between Swiss Migros & Istanbul Municipality/State Institutions).

◼ Throughout its history, the company had 5 different ownership structures.

◼ Ownership changes did not interfere with the long established Company operating principles and management.

5

Note: Shareholder structure as of September 30, 2019.

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1

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Agenda



3

7


Operating Environment

7

Experienced management

Multi-channel synergistic offering with a footprint in all 81 Turkish cities and abroad

#1 supermarket operator with an outstanding reputation

Flexible and efficient business model combined with state of

art facilities

Attractive market with significant upside potential to

support future growth

A

C

F B

E

Online Business/Retail technology and innovation leadership

D

Total Grocery Spend per Capita ($)Population (m)

Attractive market with significant upside potential to support future growth

Source: Planet Retail

8282

676559

4638

3,9583,8633,4853,371

2,2021,946

1,100

Total Grocery Spend in 2018

[~ TL 333bn]

Turkish Food Retail Market MGD Grocery Market Share (%)

90%

85%

81%

78%

47%

45%

38%

Unorganized62%

Organized38%

A Attractive domestic market

8

Market Share Evolution

9

Market Share Gain Migros FMCG Market Share Evolution (%)

7.1

16.9

7.9

17.7

Total FMCG Market Share Modern FMCG Market Share

9M 2018

◼ 80 bps market share gain in modern FMCG market.

◼ 80 bps market share gain in total FMCG market.

Source: NielsenNote: FMCG stands for Fast Moving Consumer Goods; Modern FMCG market and total FMCG market include all food-retail formats

9M 2019 9M 2018 9M 2019

B #1 supermarket operator with an outstanding reputation

Macro Fundamentals

Product Innovation

Format EvolutionInorganic /

AcquisitionsInternational

Proven ability to launch new, successful formats and products,achieve business transformations

2008 2014

1997

1997 2010

2011

1 The format started operating in 2010 on a trial basis and was fully launched in 2011

2012 2017-2018

20162013

2005

Launch of new concept

Launch of 1 Space optimization of Hypermarkets

Launch of Migros jet in petrol stations

Introduction of self check-out

Launch of online

Club Card launch

Acquisition & Merger of

Acquisition of

Conversion of Tansasstores into Migros

format

Private label relaunch

Acquisition of

Growth Levers

2009

C

With a clear strategy to organically and inorganically drive growth in the decades ahead

10


Multi-channel expertise anchored around large, full-service supermarkets

11

C

Banner Key conceptSales

area splitSupermarkets Large SPMs & HPMs Total # of stores

(Target size) 40-800 sqm 800-7,000 sqm

Core supermarkets

expertise complemented

with large supermarkets

75% (Migros)

18% (5M)

818

657

378

56

135

2,044

Well positioned upper

income segment3% 56 56

International operations 3% 23 21 44

First and leading e-

commerce food retail

website

Wholesale & Food Service 1% 21 21

Total # of

stores1,519 646 2,165

(#): Number of stores as of September 30, 2019


12

Store Portfolio

1,988Supermarkets(incl. 818 Migros Jet stores)

56Hypermarkets

56Macrocenter storesUpscale format

44RamstoresNorth Macedonia & Kazakhstan

September 30, 2018 September 30, 2019

# of stores Sales area(th sqm)

# of stores Sales area(th sqm)

Migros (M, MM,MMM) 1,153 959.8 1,170 980.4

Migros Jet 769 149.4 818 165.7

5M 58 292.6 56 274.1

Wholesale 18 10.3 21 12.0

Macrocenter 50 35.9 56 39.5

Domestic Total 2,048 1,447.9 2,121 1,471.7

Ramstores 42 45.7 44 45.5

Grand Total 2,090 1,493.6 2,165 1,517.1

C Multi-channel synergistic offering with a footprint in all 81 Turkish cities and abroad

◼ Number of stores: 2,044 including 1,170 Supermarkets. 56 Hypermarkets,

and 818 Migros Jet stores,◼ Penetration: 81 cities

─ (40*-4,500) sqm / (1,800* – 18,000) SKUs

─ Differentiated offering and service on fresh product categories

─ Wide branded assortment of FMCG products

─ Consistent Every Day Low Pricing on commodity Private Label products

─ Fashionable, complementary and seasonal non-food selection

Migros

Migros, Largest National Supermarket Chain

13

Focus on proximity supermarkets

◼ Migros Jet and M Migros

◼ Proximity Stores, (40*-300) sqm,

◼ 1,800* – 3,000 SKUs

◼ CRM applications for different customer segments

─ Customized & Differentiated Offering for Money Club Card holders

─ Club Card Loyalty Program for 18 years

Loyalty Program

(*): including Migros Jet stores and Migros Jet 7/24 forecourt stores as of September 30, 2019


Macrocenter

Exclusive shopping

Penetration: 6 cities

◼ Number of stores: 56

◼ 400 - 2,500 sqm / 10,000 SKUs

─ Upscale gourmet store serving with strong brand

loyalty

─ Wide product range in delicatessen, appetizers and

spirits. Premium quality in fresh products

─ Complementary and premium non-food

◼ Customized service such as banquet ready meal delivery

14


15

◼ Currently operating in 7 regions through dedicated salesteam.

◼ Dedicated warehouses and customer delivery

◼ 21 Wholesale stores

Penetration: 16 cities

Wholesale & Food Service

Focus on Horeca Penetration


▪ Delivery within 30 minutes only

▪ Same prices with Migros stores

▪ Over 1,800 SKUs

▪ Same day delivery,▪ Over 28,000 SKUs,▪ Service available in 48 cities,▪ Night delivery between 22:00-

24:00 in selected regions

Six online channels

16

▪ Delivery within 3 days▪ Products available for courier

shipping

▪ Increased service quality▪ Improved order fulfillment ratio▪ Labor efficiency and last mile

optimization

Darkstore

1

2019 Initiatives

Enhancing online penetration

2

3

D Online Business/ Retail technology and innovation leadership

International Operations

1 Shopping Mall2 Hypermarkets15 Supermarkets

1 Shopping Mall27 Supermarkets


17

Kazakhstan North Macedonia

◼ 1.1% of consolidated sales from Kazakh operations

◼ Number of stores: 17, including 2 hypermarkets and

15 supermarkets.

◼ Owns 1 shopping mall in Almaty

◼ Total sales area of 22,898 sqm

◼ Operates in multi-format since 1999

◼ 1.4% of consolidated sales from Macedonian operations

◼ Number of supermarkets: 27

◼ Owns 1 shopping mall in Skopje

◼ Total sales area of 22,568 sqm

◼ Operations started in 2005

Migros IntelligentOffice

Mkolay Scan&Go

Migros Mobile App & Personalized

Campaign EngineSelf-Service Checkout+

BKM E-Wallet

Electronic Smart Tag

Mi-FiMe-Mobil

Supplier Information Center

Migros

R&D Center

Innovations

Sales Over ‘pin-on-receipt’

Technologies

18


Money Transfer Service

Istanbul Travel Card -Money Integration

Money & CRM

19

Turkey’s largestloyalty programme

Partnerships withStrong Brands

Programme withHighest Customer

Interaction

Advanced Segmentation

EffectiveCommunication

Network

11.0 MillionActive Cards

77%of Loyalty Card Sales

60.5 MillionMoney Points

7.0 MillionActive Households

278 k

2.4 Million Money Winning Customer

494k customer benefited

"Just For You" campaigns

6Life Style Segments

CustomerValue Model Store Segmentation

5.0 Million

Mobile Phones

25Communication &

Campaign Channels

527 kFollowers

2.1 MillionE-Mails


Self-service technologies

Self-service revolution in retail

2009:

1 pilot store (4 SSCO)

2014:

189 stores (603 SSCO)

4.0

32%

55%

Million transactions per month

% average transaction ratio2

Generation cash register

Top 10 stores’ averagetransaction ratio1 %

2019:

256 stores (860 SSCO1)

◼ Turkey’s First In-store self scanning experience

◼ Statistical fraud and security algorithm

◼ Hassle free direct bagging and payment

Mkolay – Scan&Go

1 SSCO stands for Self Service Check Out2 Share of transactions made via self-service checkouts in equipped stores

3.

20


Highlights of Mi-Beacon

◼ Personalized – Customer Communication Channel

◼ New I-beacon technology

Migros mobile apps

◼ 5.8 million downloads

◼ Self scan shopping experience

◼ Personalized campaign offers

◼ Closest store finder

Highlights of Mi-Beacon, Migros mobile apps

◼ Free wireless internet access during shopping

◼ Available for 200 stores in large cities, especially in high traffic locations

BKM E-Wallet◼ Turkey’s first e-wallet integration on a physical store

◼ Available in all checkouts

Migros mobile business

21


Capex as a percentage of sales 2018 (%)¹

◼ Largely rented business model

◼ Flexible lease terms

‒ Leases can be exited on average with a 1-3 month notice

‒ Termination rights of landlords more limited (selected leases locally registered with the Land Registry)

◼ Well-invested facilities and low capex requirements

‒ One of the lowest capex as a percentage of sales amongst peers

‒ The meat plant, the distribution center sorter system and a centralized control systems on energy savings are examples of major one off investments realized over the last years

◼ Leveraging “must have” anchor tenant position in malls and in the high street

‒ Preferred relationship status

‒ Power to (re-)negotiate size of the store

Flexible / capital light model with preferred tenant status

2,1%

2,5% 2,6%2,8%

3,2%

3,7%

4,1%4,3% 4,4%

5,2%

6,1%6,4%

Mo

rris

on

Tes

co

Mig

ros

Ah

old

Del

hai

ze

Cas

ino

Sho

pri

te

Jero

nim

oM

arti

ns

Co

lru

yt

Dia

Len

ta X5

Mag

nit

Source: Company estimates, Bloomberg¹ Latest reported fiscal year

Flexible / capital light model

E Flexible and efficient business model

22

Unparalleled capabilities in fresh categories

E

Highlights

◼ Focusing on fresh products (vegetables, fruit, fresh meat, etc.)

◼ Renewed meat production facility

◼ Exclusive licensing from Ministry of Agriculture: “Good Agricultural Practice”, covering now poultry & red meat

◼ Broader range of bakery products and self service bakery model.

◼ Fresh and ready to cook fish range in MAP packaging (modifiedatmosphere packaging),

Flexible and efficient business model

23

Meat processing/production plants – Miget and Gebze

Location Closed Area # of Employees

Miget Meat Production Plant Izmir Torbali 11,356 m2 249

Gebze Meat Production Plant Kocaeli GOSB 3,632 m2 43

Service Products Special Products

Packed Veal and Lamb Products Special Gourmet Products

Lamb Parts Packed Meatballs

Vacuum Packed Meatball Patty Offal

Packed Minced Meat

Vacuum Packed Minced Meat Dough

2 meat production plants, for meat processing

18,455 ton production capacity per year per shift, in product groups

E Flexible and efficient business model

24

Distribution centers and logistics

E

◼ 28 Distribution Centers (including 7 Fruit and Vegetable DCs)

◼ 19,000 active SKUs

◼ % of sales delivered centrally to the stores has reached 83%

◼ Continuing to improve round trip store distances

◼ Sorting and picking automation continues

BayrampasaGebzeGebze (Meat)

Bursa (F&V)

Izmir (F&V)

Kemalpasa

Erzurum (Meat)

Miget (Meat)

Mugla

Kumluca (F&V)

Antalya (F&V)

Antalya

Mersin (F&V)

Adana (Meat)

Gölbaşı

Samsun (F&V)

Erzurum

Antalya (Meat)Adana

Gölbaşı (Meat)

Esenyurt

Torbalı

Tarsus (F&V)


Çorlu

Bursa

25

Güre

Ardıç

Ortakent

Best-in-class quality management and recognized excellence

E

Capital “Most Admired Retailer”

Mixx Awards“Mobile Website” & “Online to Store”

Annual records Selected awards

Laboratories and Audits

✓11 owned laboratories

✓9 outsourced laboratories and audit firms


✓1,000+ supplier audits

✓35,000 product analysis

✓8,500 approvals of new products for sales

✓5,000 store audits

ISO Certificates

✓ISO 9001 Quality Management System

✓ISO 9001 Quality M.S. – Internal Audit Directorate

✓ISO 22000 Food Safety M.S.

✓FSSC 22000 Food Safety M.S.

✓OHSAS 18001 Occupational Health & Safety M.S.

✓TS EN ISO 14001 Environmental M.S.

✓ISO 10002 Customer Satisfaction M.S.

Stevie Awardsfor Great Employers

2018 The Coolest Brandof Turkey Award

“Supermarket category”

2018 Platin Global 100“Industry 4.0 Award”

26

P27

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Agenda



3

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21.3%top-line growth in 3Q19 despite relatively low space growth of 1.6% y-o-y

▪ Migros recorded 24.7% sales growth in 9M 2019

▪ Strong customer traffic at existing Migros stores

Sales in 3Q (TL million)

28

Sales in 9M 2019

6,464

5,331

3Q 2018 3Q 2019

Sales in 9M (TL million)

17,195

13,794

9M 2018 9M 2019

Sales Growth in 3Q19 21.3% Sales Growth in 9M19 24.7%

Capital Expenditures

29

Capex (TL million)

% of Sales

Cautious stand in capex plans continues

Space optimization in large storescontinues

21 completed since Kipa acquisition

(including 7 in the current year)

297

399

488

2016 2017 2018

2.7% 2.6% 2.6%

370

208

9M 2018 9M 2019

2.7% 1.2%

More value to thecustomers through reduced prices in fruits & vegetablesand fresh meat

1,7721,749

1,387

3Q 2018 3Q 2019 3Q 2019 [IFRS 16]

Gross Profit 3Q (TL million)

30

Gross Profit in 9M (TL million)

4,690

Margin 27.3%25.8% 26.9%

4,628

3,553

9M 2018 9M 2019 9M 2019 [IFRS 16]

Margin 27.4%26.0% 27.1%

Consolidated Gross Profit in 9M 2019

7.8%EBITDA margin in3Q19, w/o IFRS 16 impact

12.3% EBITDAR margin in 3Q19

31

Consolidated EBITDA(R) in 9M 2019

*EBITDA(R)= Operating Profit+Amortization+EmployeeTermination Benefits +Unused Vacation Provision-Other Income+Other Expenses+(Rent Expenses)

EBITDA 9M (TL million)EBITDA in 3Q (TL million)

EBITDAR 9M (TL million)

Margin 11.7%11.0%

2,0131,512

EBITDAR 3Q (TL million)

Margin 12.3%11.7%

794625

3Q 2018 3Q 2019 9M 2018 9M 2019

Margin 10.3%6.2% 7.1%

1,774

859

1,214

9M 2019 [IFRS 16]

9M 20199M 2018

Margin 10.8%7.2% 7.8%

698

383503

3Q 2019 [IFRS 16]

3Q 20193Q 2018

Migros Cash and Leverage Position (Total TL m)

1 Includes capitalized costs of lease contracts over their maturity

2 IFRS 16 was implemented since 01.01.2019. Includes the IFRS 16 LTM rent cost impact which was extrapolated based on 9M19 rent cost. (TL 560.3 / 3 x 4 = TL 747.1 mn)

Gross Euro Debt (in million)

692

672

611

462 432

2016 2017 2018 9M19 2019E

Deleveraging Profile - Net Debt / EBITDA LTM

3.2x2.9x 2.7x 2.6x

2.3x

2014 2015 2016 2017 2018

Euro/TL Rate 2.8207 3.1776 3.7099 4.5155 6.1836

Change: - 11%

6.0280 6.9505

Deleveraging

Cash & Debt Items 9M 2018 9M 20199M 2019

[w/ IFRS 16]

Cash & Cash equivalents

1,858 2,282 2,282

TL m 1,579 1,598 1,598

EUR m 40 111 111

Financial Debt 5,192 4,344 7,5221

TL m 916 1,484 4,662

EUR m 615 462 462

Net Debt 3,334 2,062 5,240

EBITDA LTM 1,100 1,572 2,3192

Net Debt / EBITDA LTM 3.0x 1.3x 2.3x

32

Gross Euro debt is expected to be decreased by €30 mn with anearly down payment in 4Q19

Note: Net debt / EBITDA ratios without IFRS 16

3.0x

1.3x

9M 2018 9M 2019

33

Management Agenda in 2019

Growth & Operational Profitability Online Business

• Operational performance is on track and the management maintains2019 FY top-line growth &operational profitability guidance

• Normalization in EBITDA margin is expected in 4Q19

Deleveraging

Recalibrating our online channel;

• Geographical coverage of Migros Hemen, concept aiming a “delivery time of 30 minutes”, is expanding in three big cities

• Collaboration with Trendyol(a subsidiary of Alibaba Group)facilitated and increased online business penetration momentum

• ~30% y-o-y decrease in Gross Euro debt is expected in 2019

• Asset divestitures reached TL 616 mnin total (TL 406 mn in 2019)

* excluding IFRS 16 impact

Expectations and Guidance

2019 Guidance [Consolidated]

2019E Guidance

Sales Growth 23-25%

EBITDA Margin 6-6.5%*

Expansion Target125+

new stores

CAPEX ~TL 320 mn

IFRS Consolidated Income Statement Summary

Summary of Income Statement – 9M 2019

34

Net Sales 17,195 13,794

Cost of sales -12,504 -10,240

Gross Profit 4,690 3,553

Operating Expenses -3,635 -2,985

Other Operating Income / (Expense) -358 -282

Operating Profit 697 286

Income / (Expense) from Investment activities 15 -15

Operating Income Before Finance Income / (Expense) 711 271

Financial Income / (Expense) -883 -1,685

Income/Loss Before Tax From Continuing Operations -171 -1,414

Tax Income / (Expenses) -8 -31

Deferred Tax Income -23 239

Net Profit / Loss -202 -1,207

Net Profit / Loss - Non-controlling interest 0 0

Net Profit / Loss - Equity holders of parent -202 -1,207

EBITDA 1,214 859

EBITDA (with IFRS 16 impact) 1,774 -

EBITDAR 2,013 1,512

(TL Million) 9M 2019 9M 2018

IFRS Consolidated Balance Sheet Summary

Summary of Balance Sheet – 9M 2019

35

Current Assets 5,127 4,474

Non-current Assets 9,289 6,411

Total Assets 14,415 10,885

Current Liabilities 7,448 6,675

Non-current Liabilities 6,512 3,575

Total Liabilities 13,960 10,250

Equity 455 635

Total Liabilities and Equity 14,415 10,885

(TL Million) 9M 2019 2018

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