Dear analysts, investors, we are very pleased to welcome you to our first quarter results presentation. I think everybody joined our presentation. We are aware that there is a very tight schedule for customer analysts and investors today. We plan to keep the presentation side short in order to allocate more time to Q&A session. This is a very busy day for you. We know that. We hope you have managed to download our investor presentation on our website. Now I now invite you to take a look at our first quarter results. Let's start with the headlines, page four. Of course, we will look at more details on the next slide. Our key figures in the first quarter are: quarterly net sales were TRY 15.5 billion, reflecting 23% year-on-year growth, which is within our expectations. You know, we have set 20%-25% top-line growth at the beginning of the year, so it's perfectly in line with our expectation. Same goes for EBITDA. EBITDA margin was 8.5%, representing 34% year-on-year growth. Capital expenditure was TRY 480 million, corresponding to 3.1% of sales. Net income was TRY 685 million, which represents 59% growth year-on-year, with corresponding 4.4% margin. This is 100 basis points higher compared to the same period last year. On the store front, we are continuing with the strong pace of store opening and have added 368 new stores across operations in Q1, consolidated. This brings us to 9,723 consolidated stores by the end of the quarter. Moving on to operational platforms, page six. Starting with the like-for-like sales slide. Like-for-like quarter sales increased by 13% from the same period previous year. Our average inflation in this period, for the same period, is 26% for the same period BIM internal inflation. Please note that the comparison of BIM internal inflation and like-for-like is not fully meaningful due to the high base of March last year, when people rushed to the stores and stocked up their needs. You know that last year the COVID started in March, and as we going here 25% in the first two months, and then just March brought us to 40% for the full quarter. There's a strong base in March and in the first quarter as well. Like-for-like quarter basket size increased by 36%. As we have been mentioning, average basket size has grown significantly during the COVID period, and this trend continues. Customer traffic decreased by 17% on a quarterly basis, and again, this is due to fewer store visits during COVID and government regulations such as weekend curfews, lockdowns, et cetera. We had on average 547 customers per store per day traffic in Q1. The ongoing negative customer traffic is compensated by the larger basket size, while the people mostly or only consume at home nowadays. On the store side, we have maintained the opening pace. This is slightly higher than last year, but we are maintaining our opening pace. We have opened 341 new BIM stores, 17 stores in Morocco, and 10 File stores. There's no opening in Egypt as we announced at the beginning of the year. In total, we had 9,723 stores by the end of the quarter, including Morocco and Egypt. You know that seasonally, first quarters are always stronger in the new openings in Turkey. This was the case this year as well. Actually, we are not giving any official guidance on store openings. Store trends from last year will continue this year as well. There's no reason to decrease the openings because there's no cannibalization. Minimum cannibalization, maybe. There is room to grow in the market. We are opening stores as much as we can. It's almost in line with last year's pace. As we mentioned our previous call, we are also redesigning our stores with a new format design. The number of new format stores reached around 1,300 as of today. We are opening new stores with the new design. Also, we are redesigning our old stores, which we took for maintenance. Openings in Morocco operations are also progressing well again after they have been slightly impacted by the COVID-19 last year. This year opening as well in Moroccan operations. Capital expenditures, moving to CapEx slide. Our quarterly CapEx was TRY 470 million corresponding to 3.1% of net sales, which is higher compared to same quarter last year. It is in line with our expectations. You know that we have set TRY 1,760 million capital expenditure expectation for the full year. There are a few reasons for high CapEx this quarter. The first, higher number of store openings. The second, higher material costs caused by significant Turkish lira depreciation. Third, there are six ongoing warehouse constructions. Four are owned by BIM. We will open four new warehouses in Manisa, Aksaray, Ankara, Mersin, and Isparta for BIM. Another warehouse in Ankara is almost under construction, and this is for File. The sixth one is a new warehouse for our rice packaging subsidiary company named GDT. Now actually, there are six warehouse constructions. Some are almost finished, but this is also one of the reasons for CapEx. You might not have noticed that we haven't given any guidance for store opening pace in the last presentation, but we expect to continue with at least the same pace of the last year. Now let's look at our financial side, financial performance. Page 10. Starting with the sales progression, as mentioned in the highlights slide, our sales are in line with our expectations. In Q1, the sales grew by 23% and reaching TRY 15.5 billion. We indicated on the previous call that sales were starting to normalize after the COVID period. This is the case for all general sales sectors, store normalizing. What's going on in the post Q1? In four months, year-to-date sales growth is also in line with our full-year guidance. Despite the high base of April, actually last year April is one of the strongest months last year. Maybe strongest after March. March and April are the strongest, but in April also, we are trading in line with our expectation in terms of top line. Regarding the main tradings, you know that there are full lockdowns in Turkey until 17th of May, so people consume at home nowadays. Until 17th of May, organized food retailers are closed just on Sundays, and non-essential non-food sales are restricted during this period, and it always starts today. We also get some day sales are somewhat offset by the higher sales in other days. On the non-food side, although it is 10% or 11% of sales, sports, you know our sales for sports products, plus some cosmetics, plus some wearing products, some socks, for example, underwear, some stuff like that, they are also restricted. Those are around 10%, 11% of sales are being affected due to restrictions. Hopefully, we expect minor impacts of restrictions as we reschedule our sports listings to compensate the temporary restrictions. For example, you know our sports day is Friday today, and we took today's sports sales to Wednesday, two days earlier. Next week's sports sales, Friday sales, will be postponed after Bayram. We believe that, yes, there will be some impact, but the impact will be negligible for those kinds of restrictions. This is a very limited period, two-week period, hopefully. It will be negligible, I think. Gross profit and gross margin progression. On a quarterly basis, gross profit has increased to TRY 2.9 billion with 18.4% margin. As you can see, gross margin is slightly lower than last quarter, but still within our expected range despite some price investments we made in Q1. We didn't give any guidance about the gross margin, but as we announced that we expect to keep it at 18% levels. Post Q1, there is not any material worsening. I can say that. Inflation, of course, is rising. As we announced last quarter, we don't prefer to benefit from the low-cost inventory. As I mentioned, our living inflation for Q1 average is 26% year-on-year. Now let's look at our quarterly EBITDA and EBIT. The quarterly EBITDA was TRY 1.3 billion with corresponding margin of 8.5%, which is exactly in the upper end of our target range. Year-on-year increase was 34%. Quarterly EBIT was TRY 917 million with corresponding margin of 5.9%, resulting 38% year-on-year increase. Regarding the OpEx development in Q1, as usual in first quarters, we have some staff cost pressures this quarter as well due to high increase in minimum wage. At the beginning of the year, the minimum wage increased by 22%. We also applied to our mostly store employees. This is also putting somewhat pressure on our OpEx side. Additionally, the support from the government for minimum wage is still the case. They will give it, but the execution has not started yet. Therefore, we haven't reflected in our profit loss yet. Maybe this is similar to last year's practice. The support might be transferred to companies by May or June, it's not clear yet, retrospectively. Last year, maybe you remember, we also get minimum wage support in late May. We expect the same this year. Maybe we will have somewhat positive contribution coming from the minimum wage support, but this is not too much. Maybe 10 basis points, you can imagine. Net income, moving on to net income slide. Our quarter net income was TRY 685 million, with 59% growth year-on-year. Quarter net income margin was 4.4% this quarter. Also, I would like to highlight that per new tax code, you know that applied corporate tax rate was 20%, and it is applied to first quarter at 20%, but it will be implemented at 25% for the full year of 2021, starting from the first half results. Therefore, the first quarter's tax rate hike impact will be reflected with a lag in the second quarter. This is coming from the tax code. As you know, this year, 25% for the full year, next year, 23%. Hopefully then we will come to normal 20% levels, hopefully. This year, we will leave it putting pressure in tax side. This is maybe just for your projections this year and next year. As last slide, let's look at our foreign operations and File highlights. On our last call, we have mentioned we have identified a strategic partner for our Moroccan operation, Helios Investment Partners from U.K. We are pleased to announce that the share purchase agreement of 35% Morocco have now been finalized, and cash is collected today, two days ago. Actually, this closing almost done. We are looking forward to expand the Moroccan business with a new partner on board. Morocco is continuing to contribute to our net income in the last two years and has been contributing better to our gross margin and profit margin this year. Store opening pace is also good. We have opened 17 new stores in Q1 and continuing with this strong pace. This is good because last year we have been impacted by COVID. Store opening was impacted by COVID, but this year we are happy with this opening pace. In Egypt, we are maintaining our 300 stores, and we are not planning any new store openings for this year. As for File operation, we have opened another 10 new stores in Q1, which means we had 133 stores by the end of Q1. File already reached net income profitability in 2020 and is continuing progressing well. Third warehouse of File will be opened in Ankara in a few months, but it's almost finished. The coverage to meet Anatolia will be expanded after opening the third warehouse of File in Ankara. Last but not least, File Online is about to finalize, and it's planning pace and likely to be launched in a few weeks' time. Of course, with the limited regional coverage, this is in Ataşehir and Ümraniye we will start it. If anyone of you living in those regions, just recommend to download File apps from then you can try our e-commerce. In a few weeks' time, we will start it. Now, I would like to thank you for attending my presentation. We'd like to now open the floor for Q&A and if you have any. Dear participants, if you want to ask a question, please raise your hand and we will unmute you and give you the floor. [Would you like to hear?] Hi, Alex. Greetings, everybody. I wanted to congratulate you on your impressive results. I have, I suppose, a couple of traditional questions. I'll ask them one by one. The first one is, how are you progressing in the second Q 2021? Here I mean that you're going in the corridor of your guidance between 20%-25% year-on-year growth, or you have something stronger than initially anticipated. Thank you. Okay. Thank you, Alex. Actually, as I mentioned in closing Q2 2021, actually in April, it's going well. It's going well. It's in line with our expectations, despite April has the strongest base. April is good. In May, there are some restrictions today. It's early to speak about the May, but generally speaking, I can say that the top-line growth is still in line with our full-year guidance post Q1 in the second quarter as well. Okay. Hello? Hello. Yes, hello. I was asking, how is the competition progressing? You and other discounters are continuing to consolidate the market. You, A101, and Şok. Competition is, of course, in discount segment, it's tough. It's been tough in the last five years. The store openings are aggressive in discount segment. Actually today, there are around maybe 26,000 discount stores in Turkey. Each year there are maybe more than 2,000 or 2,500 discount stores are being opened. There is room to go. We are not facing any material cannibalism, internal or external cannibalism. There is room to go because people are more tending to discount stores in the recent years. The COVID period also increased the trust level to discounters because, actually, the discounters managed this COVID period well. Also, the third thing is that there is still room in organized retail. The modern retail market share is still 50%, 45%-50% in Turkey, so there is still room to go. There's still room to go in discount segment in Turkey. The competition is tough, but we are leading the sector. Prices are almost the same in price side. Price are almost same, and it's likely to continue for a while in this strong pace going forward. There's not any very major material impact, negative impact on BIM side. Thank you, Serkan. The very last question from my side, how is your Ultras, your new format, performing? You were talking about a smaller format, and I wanted to share some perhaps preliminary results of this pilot, if they are available. I think you are talking about the smaller format. BIM Mini format or which one? Yes. I think yes. The one you mentioned on the 2020 results call. Okay. Actually, this is a trial, BIM Mini. We have now maybe 10 mini stores testing. We are still testing, and actually, we have decided to extend it to some other regions, may increase the mini stores in other cities as well to test it further. But I cannot say that it's very exciting now for time being. But we are still testing. We need time to decide. But it is just a trial today. It's not decided to expand to all the regions yet. That's clear, Serkan. Thank you very much. Have a nice day. Thank you. You're welcome. Thank you. Berna has a question. Berna, the floor is yours. Thank you. Thank you very much. My question is about the temporary restrictions brought on these non-food items to be sold until the end of the curfew in Turkey. Do you expect any of those restrictions to become permanent in due course? That's my first question. My second question is, the inflation is edging higher. I think it's a lot higher than what you had budgeted when you provided the 20%-25% revenue growth guidance. You've already explained that the numbers so far are in line with this guidance. Do you see any upside risk to that, or because of further restrictions, et cetera, or other factors, you are more comfortable keeping it at the current level? Thank you. Thank you, Berna. Restrictions, yes. It is just after Bayram, the 17th of May. Of course, we are not aware that it will be extended or not. Today, actually, it's going quite big. People is also consuming at home like last year. The difference is from the last year lockdowns is this year, actually, the retailers are open on Saturday as well. Last year, both weekend days we were closed. This year there's not any rush to stores, no any stock-up effect this year. Last year, because it's different in March and April. There was stock-up effect. People rush to the stores for daily commodities. This year, we are seeing that people just buying their needs, their daily needs, maybe weekly needs. This home consumption nowadays. There are some restrictions. Spot sales, as I said, 10%, 11% of sales are being affected, but we took some actions, and we hope it will be minimum level affected from these restrictions. It is just a two weeks' time. For the time being, it's very minimum effect. There's almost no impact on us. Sunday closures are somewhat, not fully, but somewhat offset by other days. It will be a permanent after that. Actually, we are not aware of that. Even after the restrictions will be dropped, I think the home consumption would continue. In our opinion, people wouldn't rush to restaurants, cafe or shopping malls in one day. We don't expect it. Like last year, for example, last year also in June, all shopping malls and restaurants, cafe were open, but people were less initiative to that. Regarding your second question, 25%, for the time being, we are in line with our expectation in April as well. April has the strongest base due to COVID, but it's also almost in line with our expectation. Upside risks, it's early to speak about that. For the time being, there is no, but of course, what will be developments after restrictions and in the second half of the year was creating the process. For upside, we cannot say that. It's very early. For the time being, we are not changing our top-line guidance for now. Likely not to change in the second quarter. We are happy. We are happy. We are in line with our expectation for the time being. Thank you very much. You're welcome. Regiane, the floor is yours. Hi. Hi, Serkan. Thanks for taking the question. You mentioned now on the sales ban that BIM has been taking actions about these restrictions on the spot sales. What kind of actions are we talking about? My second question is still also related to the inflation outlook in Turkey. How you see margins evolving. Well, the target for EBITDA margin now is still 8%, right, for this year. How you see this being affected by this higher inflation going forward? Thank you. Thank you, Regiane. Sales ban, as I said, we took some actions. For example, in two weeks' time, our spot sales are restricted. You know that our spot sales are on Fridays, and today is the Friday. We took today's spot sales to last Wednesday, two days ago. In two days, we were able to sell our spot sales in two days. It's the first action. The second action is next week's spot sales will be postponed to after Ramadan break. Those are our actions. Then the other action, we will be waiting for the restrictions is over. Also, the Sunday closures, our stores are closed Sundays, but it will have minimum impact, maybe no impact on us because we are experienced that the other days, we are increasing our sales. Other day sales are offset to Sunday's closures. It's just two weeks' time. Yes, spot products, we are the basic commodity retailer, discount retailer. Most of our products are basic commodities, we don't expect any very material impact from coming. Yes, the spot sales are attracting people to the stores, this is also increasing our traffic numbers. For this period of time, of course, we can manage it. It's not a problem for us. Inflation. Yes, inflation is rising, trend is appreciating in the current months. We are trying to pass the inflation pressures on our shelf price, we actually prefer to delay as much as we can together with our suppliers. We don't prefer, as I said before, to benefit from the low-cost inventory in a rising inflation environment. In principle, we have decided this during the COVID period. Whenever our products, the old cost products are run out of in our stores, then we prefer to pass inflation pressures to product shelf prices. Gross margin will not be affected because of inflation. As I said before, 18% we want to keep at that level. Post Q1 is also in line with our expectation in gross margin side. We don't expect any deviation for the time being in margin side, and also EBITDA as well, because EBITDA is almost actually, it depends on the gross margin. We are confident that to reach our EBITDA margin target for the full year. In the first quarter, we are exactly in that, and we are at the upper end of our target, and post Q1 is also good. Okay. Thank you. If I may ask another question about the app on File, you mentioned that it's about to be launched. Can you just give a bit more details which area will be I think you mentioned, but I think I missed that. What's the plan for expansion of the area of this app, if at some point I remember before, BIM was not planning to do that for BIM, just for File. This is still the plan? Yes. File Online, we'll be starting in two weeks' time. In some part of the Anatolian side of Istanbul, in Ümraniye and Ataşehir, it will be started with limited coverage. Maybe at the end of the year, our target to cover maybe 60%-70% of the population of Istanbul, of course. In the coming years, move to other cities as well. These are initial expectations for File Online. We are actually, we take the steps modestly. We don't want to rush. We don't want to be much more aggressive in File Online, we want to be as efficient as we can and in high level of quality we want to be. We are setting the infrastructure nowadays. Almost done. In two weeks' time, we will be doing that in Ümraniye and Ataşehir, Istanbul. Step by step, we will increase the coverage in Istanbul side. In the coming years, hopefully in other cities. Actually, we do not have any plan yet for BIM Online. Of course, we are in very low profile. Sometimes we are thinking some models. In short and mid-term, there's no any plan for BIM because BIM is proximity stores, so people are shopping on foot. We are opening stores near inhabitants. For the time being, for the basic commodities, we don't need online BIM. Thank you. You're welcome. Thank you. Cem, the floor is yours. Hello. Thank you for the presentation. I don't know if you can share, but what was the like-for-like growth for January and February? I'm just trying to understand the March impact. Also another question on a different online channel rather than having your own online channel. Is there a plan to work with existing marketplace operators for grocery deliveries, as some of the food retailers have already started to work with the big marketplace channels? Thank you very much. Thank you. Let's start the last online channel. No, we don't think marketplace operators. We will be creating our own apps on File. We don't prefer it. It doesn't make sense for us. We actually improve and increase our coverage in ourselves for File. We shared just first quarter like-for-like sales. It is 13% like-for-like sales. Of course, January and February are much higher, maybe double of this, maybe 25%. You can take January and February, 25%, 30% levels. In January, February. Of course, in March, because of strong base. It's down in March. Actually, generally speaking, fourth quarter to the first quarter is 13%. Like-for-like, this is lower than our internal expectation because there's very strong base. This is the general reason. Okay. Thank you very much. Welcome. Thank you. Hanzade, the floor is yours. Thank you, Serkan. I have a follow-up question about your spot sales. You mentioned that you try to control the impact of the ban on non-essential goods through changing your spot days. Maybe I know this wrongly, but spot sales are actually non-essential, right? How are you doing those spot sales on Wednesday if next Friday? Those are non-essential because the restriction started today. Okay? It started today, we took back it two days earlier on Wednesday. Yesterday and Wednesday, there were no restrictions in BIM store for non-essentials, for spot. We were able to sell for two days, just two days, of course. Today we stopped it as we removed to our store warehouses, all spot items, some cosmetics, some wearings. We now actually put them to our warehouses to stores, they are not on sale. Next week's spot sales are postponed to after Bayram. Okay. After the restriction period. Okay. Thank you very much. About space expansion, I clearly understand that there is no pressure this year as well, and space growth will continue. Do you also expect a similar type of growth around 10% next year and also 2023? Should we now start considering some sort of slowdown in store openings, given that total discount store number reached over 25,000 units? Actually, we are setting our targets yearly basis, but in the last few years, you know that our store growth rate is 10% or 12%. Of course, we prefer to keep that at 12% levels going forward. There is room to grow in the market, but, of course, I cannot say that from today to the next year, one, the board will be able to decide it, because at the end of the year, we will decide at opening new store scale for next year. For the time being, there is no reason to change it. The market is open. There's room to grow. No any cannibalism, but of course it is early to speak about that. Okay. The final question about the tax rate. The tax rate increase is going to be applicable after March, or it will also contain the Q1 tax? It will contain Q1 tax, but since the new tax code amendment is running after Q1, the companies apply 20%. Okay. All right. In the second quarter results, it's likely to see higher effective tax rate because the first quarter tax rate hike 5% will be also reflected to second quarter. This is the rule. Independent auditors also agree like this. We apply 20%, but the full year will be subject to 25%. Okay, it's not a nine-month increase. Okay, thank you very much, Serkan. Your welcome. There's also another one question from Ahmed Sueter in chat site. "Can you discuss what is that Helios brings to table in Morocco business strategic execution, and what might mean for other Southern African country initiatives that you may embark on with Helios?" Of course, Helios is a U.K. private equity firm, but they have a very high experience in Morocco. They have a good experience, and they are very professional, and they are active private equity company. Actually expect better operational performance, considering even they have big know-how in Morocco. Of course, we took these actions in both countries, Morocco and Egypt, for this selling option is for localization in the both countries. It make up localized company, local company, somewhat, and better operational performance, better professional standards of the company. We believe that actually they will contribute much better to our operations in Morocco. They are already doing a good job, but in professionalism standard and better store openings. Of course, this is the early stage. We will come together and discuss what we can do, how we can improve the operation step by step, gradually improve the operation, and we will set our strategy together. For sub-Saharan African country, there's no any intention yet to go other countries for BIM. Today, we have operating in Morocco and Egypt as foreign operations. There's no any actually plan, short and midterm plan, to go other African countries yet. It's not in our agenda. Thank you, Serkan. There is no further questions at the moment. I suggest we can close the call. The floor is yours. Thank you very much for all for joining our first quarter results call, and I wish you all a happy Ramadan break next to next week, and hope to see you again in the next quarter call. Thank you everyone. With that, the call is completed. Thank you for your participation. Goodbye.