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MIGROS Company Presentation 3Q 2019 MMM MIGROS MMM MIGROS
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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 from external sources, does not purport to be comprehensive and has not been independently verified. No reliance may be placed for any purpose whatsoever on the information contained 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 its subsidiaries 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 in any 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, no responsibility 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 such information 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 loss howsoever 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 date of 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 industry publications, 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 the accuracy 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 Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation come from the 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 by any 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, market or 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. In particular, 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 or subscribe 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 or investment decision. The information, statements and opinions contained in this document do not constitute any advice or recommendation regarding the securities of the Company or other financial instruments. The content of this presentation has not been approved by an authorized person within the meaning of the Financial Services and Markets 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) or 49 (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 may otherwise be lawfully distributed. This presentation is being distributed outside the United Kingdom only to persons to whom this presentation may lawfully be distributed pursuant to any applicable legal requirements. Persons to whom this presentation may not lawfully be distributed should return this presentation immediately to the Company and 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 be distributed. This presentation contains “forward looking statements” which may relate to, without limitation, the Company’s plans, objectives, goals, strategies, future operational performance, 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 the exclusive means of identifying such statements. Such forward looking statements involve risks, uncertainties and other important factors that could cause circumstances or the Company’s actual results, performance or achievements to be materially different from any future circumstances, results, performance or achievements expressed or implied by such statements. Relevant risks and uncertainties include, among others, economic slowdown, sector consolidation, consumer demand, competitive pricing and activities. There can 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. Any forward-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-looking statement 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 principal risks 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 above provisions.
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P2 1 2 Agenda Migros in a snapshot Operating environment 3 7 Review of historical financial performance & projections 283
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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 and Corporate Governance ◼ Member of “BIST Sustainability Index” ◼ Included Corporate Governance Index since 2015 ◼ 32,114 employees of which 40% are women ◼ Best retailer of the country15 years in a row2 Migros at a Glance 80% of HH +100 38% of HH 65th Year! 1 as of September 30, 2019 2 Capital Business magazine. 3
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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% Moonlight Capital 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
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Istanbul Municipality/ State Institutions (49%) & Private Sector (Koç Holding 51%) Private Sector (Koç Holding 51%) & Public 49% Anadolu Group 50.0% & BC Partners 23.2% Joint Venture Free Float 26.8% Foreign investment (Swiss Migros 50%) & Istanbul Municipality/State Institutions (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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P6 1 2 Agenda Migros in a snapshot Operating environment 3 7 Review of historical financial performance & projections 283
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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
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Total Grocery Spend per Capita ($)Population (m) Attractive market with significant upside potential to support future growth Source: Planet Retail 8282 676559 46 38 3,9583,863 3,4853,371 2,202 1,946 1,100 Total Grocery Spend in 2018 [~ TL 333bn] Turkish Food Retail Market MGD Grocery Market Share (%) 90% 85% 81% 78% 47% 45% 38% Unorganized 62% Organized 38% A Attractive domestic market 8
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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: Nielsen Note: 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
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Macro Fundamentals Product Innovation Format Evolution Inorganic / Acquisitions International 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 201620132005 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 Tansas stores 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 synergistic offering with a footprint in all 81 Turkish cities and abroad
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Multi-channel expertise anchored around large, full-service supermarkets 11 C Banner Key concept Sales area split Supermarkets 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 segment 3% 56 56 International operations 3% 23 21 44 First and leading e- commerce food retail website Wholesale & Food Service 1% 21 21 Total # of stores 1,519 646 2,165 (#): Number of stores as of September 30, 2019 Multi-channel synergistic offering with a footprint in all 81 Turkish cities and abroad
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12 Store Portfolio 1,988 Supermarkets (incl. 818 Migros Jet stores) 56 Hypermarkets 56 Macrocenter stores Upscale format 44 Ramstores North 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
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◼ 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 C Multi-channel synergistic offering with a footprint in all 81 Turkish cities and abroad
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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 C Multi-channel synergistic offering with a footprint in all 81 Turkish cities and abroad
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15 ◼ Currently operating in 7 regions through dedicated sales team. ◼ Dedicated warehouses and customer delivery ◼ 21 Wholesale stores Penetration: 16 cities Wholesale & Food Service Focus on Horeca Penetration C Multi-channel synergistic offering with a footprint in all 81 Turkish cities and abroad
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▪ 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
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International Operations 1 Shopping Mall 2 Hypermarkets 15 Supermarkets 1 Shopping Mall 27 Supermarkets C Multi-channel synergistic offering with a footprint in all 81 Turkish cities and abroad 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
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Migros Intelligent Office Mkolay Scan&Go Migros Mobile App & Personalized Campaign EngineSelf-Service Checkout+ BKM E-Wallet Electronic Smart Tag Mi-Fi Me-Mobil Supplier Information Center Migros R&D Center Innovations Sales Over ‘pin-on-receipt’ Technologies 18 D Online Business/ Retail technology and innovation leadership Money Transfer Service Istanbul Travel Card - Money Integration
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Money & CRM 19 Turkey’s largest loyalty programme Partnerships with Strong Brands Programme with Highest Customer Interaction Advanced Segmentation Effective Communication Network 11.0 Million Active Cards 77% of Loyalty Card Sales 60.5 Million Money Points 7.0 Million Active Households 278 k 2.4 Million Money Winning Customer 494k customer benefited "Just For You" campaigns 6 Life Style Segments Customer Value Model Store Segmentation 5.0 Million Mobile Phones 25 Communication & Campaign Channels 527 k Followers 2.1 Million E-Mails D Online Business/ Retail technology and innovation leadership
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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’ average transaction 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 Out 2 Share of transactions made via self-service checkouts in equipped stores 3. 20 D Online Business/ Retail technology and innovation leadership
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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 D Online Business/ Retail technology and innovation leadership
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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% Morrison Tesco Migros Ahold Delhaize Casino Shoprite Jeronimo Martins Colruyt Dia Lenta X5 Magnit Source: Company estimates, Bloomberg ¹ Latest reported fiscal year Flexible / capital light model E Flexible and efficient business model 22
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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 (modified atmosphere packaging), Flexible and efficient business model 23
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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
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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 Bayrampasa Gebze Gebze (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) Flexible and efficient business model Çorlu Bursa 25 Güre Ardıç Ortakent
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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 Flexible and efficient business model ✓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 Awards for Great Employers 2018 The Coolest Brand of Turkey Award “Supermarket category” 2018 Platin Global 100 “Industry 4.0 Award” 26
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P27 1 2 Agenda Migros in a snapshot Operating environment 3 7 Review of historical financial performance & projections 283
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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%
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Capital Expenditures 29 Capex (TL million) % of Sales Cautious stand in capex plans continues Space optimization in large stores continues 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%
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More value to the customers through reduced prices in fruits & vegetables and 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
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7.8% EBITDA margin in 3Q19, 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% 2,013 1,512 EBITDAR 3Q (TL million) Margin 12.3%11.7% 794 625 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% 698 383 503 3Q 2019 [IFRS 16] 3Q 20193Q 2018
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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 3.2x 2.9x 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 2019 9M 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 an early down payment in 4Q19 Note: Net debt / EBITDA ratios without IFRS 16 3.0x 1.3x 9M 2018 9M 2019
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33 Management Agenda in 2019 Growth & Operational Profitability Online Business • Operational performance is on track and the management maintains 2019 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 mn in 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 Target 125+ new stores CAPEX ~TL 320 mn
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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
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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