Bizim Toptan Satis Magazalari AS Q4 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Cemal Demirtas - Ata Invest - Analyst : +nder, thank you for the presentation. My question is regarding the interest term on purchases figure. When you adjusted to your EBITDA based on that figure, interest term paid on term purchases, it's putting additional pressure on your EBITDA and at the end of the day, your net margin, excluding the deferred tax income, is coming down. For the future, could you give us any indication that this much interest on term purchase will decline, and the net margin will come to a more sustainable level above 1%, 1.5% you had been indicating in the past? I would like to understand the dynamic behind that. You don't have any debt. You have a cash position, but you are paying high interest. And despite your impressive topline growth, we don't see much at the bottom line if you exclude the deferred tax income. So maybe for the future -- and it was not a bad year, by the way, this year. And even we exclude the deferred tax income, your profit before tax margin is 0.6. And I want to -- I would like to understand what could change this trend going forward for the earnings growth side. And the other question is about SE¦ sales. We see growth in that front. And for this year, you're expecting more than 75% growth in that front. Could you -- could we assume that the other part of the -- or could we assume lower main category growth or it's just the effect of the lower growth in tobacco? It will be helpful if you further elaborate that part. Thank you.

Question: Cemal Demirtas - Ata Invest - Analyst : Thank you. And as another question, your dividend policy -- I think it was last year, I guess -- you didn't pay any dividend. It was a negative surprise for us, to be honest, but that might be the Board's decision. But for the future, while -- in which case you might be distributing some cash dividends? Thank you.

Question: Cemal Demirtas - Ata Invest - Analyst : Thank you, +nder.