1. 2Q18 Earnings
Investor Relations & Capital Markets

2. All rights reserved by Selcuk Ecza Deposu A.S.®
Contents
Financial Review
Operational Review
Appendices
All rights reserved by Selcuk Ecza Deposu A.S.®

3. All rights reserved by Selcuk Ecza Deposu A.S.®
Focused on Profitability...
As of June 30,
2018
2017
Chg
Revenues
6.546,28
5.240,00
24,93%
Gross Income
554,96
448,59
23,71%
Gross Margin
8,48%
8,56%
-0,08 pts
EBITDA
280,90
235,12
19,47%
EBITDA Margin
4,29%
4,49%
-0,20 pts
Net Income
230,59
193,67
19,06%
Net Income Margin
3,52%
3,70%
-0,18 pts
EPS
0,371
0,312
18,91%
All rights reserved by Selcuk Ecza Deposu A.S.®

4. All rights reserved by Selcuk Ecza Deposu A.S.®
We have a track record of strong
revenue growth...
All rights reserved by Selcuk Ecza Deposu A.S.®

5. All rights reserved by Selcuk Ecza Deposu A.S.®
...that we have leveraged into higher income
All rights reserved by Selcuk Ecza Deposu A.S.®

6. All rights reserved by Selcuk Ecza Deposu A.S.®
Working Capital Management
mn.
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
2Q2018
A/R
1.502
1.538
1.571
1.688
1.984
2.297
2.640
3.845
Inventories
469
404
545
577
695
659
733
857
943
1.372
A/P
1.234
1.228
1.362
1.325
1.342
1.396
1.709
1.961
2.336
3.274 WC
737
714
721
790
924
951
1.008
1.192
1.247
1.943
WC/Sales (%)
18,21
14,20
14,70
15,57
18,84
18,16
15,78
15,94%
14,43%
16,20%
All rights reserved by Selcuk Ecza Deposu A.S.®

7. All rights reserved by Selcuk Ecza Deposu A.S.®
OpEx Improvement
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
2Q2018
Revenue (mn.)
3.628
4.047
5.029
4.902
5.074
5.238
6.386
7.480
8.643
6.546
# of WHs
100
107
114
118
102 99
103
111
# of Employees
4.554
4.600
4.893
5.162
5.322
5.049
5.187
5.582
5.864
6.250
6.754
OpEx / Sales
4,49%
4,57%
3,93%
4,28%
4,74%
5.37%
5,13%
4,70%
4,97%
4,80%
Personnel / Sales
2,69%
2,64%
2,39%
2,66%
2,79%
3,23%
3,05%
2,84%
2,91%
3,20%
2,95%
Employee per WH 46 45 50 52 56 59 61
Revenue per Employee
All rights reserved by Selcuk Ecza Deposu A.S.®

8. All rights reserved by Selcuk Ecza Deposu A.S.®
OpEx Breakdown
OPERATIONAL EXPENSES
2Q2018 %
2Q2017
2Q2018 vs 2Q2017
Personnel expense
61,48%
62,05%
22,35%
Depreciation expense
6,01%
5,21%
42,48%
Fuel expense
5,75%
5,20%
36,55%
Communication expense
0,69%
0,95%
-9,25%
Transportation expense
4,41%
4,82%
13,00%
Repair and maintenance expense of motor vehicles
1,72%
1,75%
21,06%
Rent expense
2,19%
2,14%
26,42%
Outsourced benefits and services
4,35%
3,73%
44,04%
Tax expense
0,92%
0,97%
18,03%
Insurance expense
2,25%
2,58%
7,69%
Stationery expense
1,09%
45,98%
Representation and host expenses
0,85%
0,80%
30,87%
Advisory and audit fees
0,29%
22,40%
Donations and aids
0,16%
30,73%
Fair Expense
4,61%
4,79%
18,97%
Promotion expenses
0,36%
0,86%
-48,30%
Other
2,86%
2,78%
27,08%
23,50%
All rights reserved by Selcuk Ecza Deposu A.S.®

9. All rights reserved by Selcuk Ecza Deposu A.S.®
Contents
Financial Review
Operational Review
Appendices
All rights reserved by Selcuk Ecza Deposu A.S.®

10. All rights reserved by Selcuk Ecza Deposu A.S.®
Sustainable growth to Market Leader
Position...
All rights reserved by Selcuk Ecza Deposu A.S.®

11. All rights reserved by Selcuk Ecza Deposu A.S.®
A progressive network across the
Country...
Main Warehouses
Regional Warehouses
Total
Selçuk Ecza 21 67 88
As Ecza 6 17 23
Group Total 27 84
111
All rights reserved by Selcuk Ecza Deposu A.S.®

12. All rights reserved by Selcuk Ecza Deposu A.S.®
Operational Stats I
All rights reserved by Selcuk Ecza Deposu A.S.®

13. All rights reserved by Selcuk Ecza Deposu A.S.®
Operational Stats II
All rights reserved by Selcuk Ecza Deposu A.S.®

14. All rights reserved by Selcuk Ecza Deposu A.S.®
Operational Stats III
All rights reserved by Selcuk Ecza Deposu A.S.®

15. All rights reserved by Selcuk Ecza Deposu A.S.®
Contents
Financial Review
Operational Review
Appendices
All rights reserved by Selcuk Ecza Deposu A.S.®

16. All rights reserved by Selcuk Ecza Deposu A.S.®
Appendix: Summary Financials:
Income Statement-Consolidated
Income Statement
2018 vs 2017
Volume
Net Sales
6.546,28
5.240,01
24,93%
Cost of sales (-)
(5.991,32)
(4.791,42)
25,04%
GROSS PROFIT
554,97
448,59
23,71%
OPEX
(314,28)
(254,47)
23,50%
Other operating income/Exp.(Net)
65,57
52,44
OPERATING PROFIT
306,25
246,56
24,21%
Income/Expense from investment
10,91
6,73
62,12%
Finance income /Exp.(Net)
(20,44)
(10,87)
87,96%
EBIT
262,02
221,87
18,10%
EBIT (exc.other)
240,68
194,12
23,99%
Income before minority Int.& Tax
296,73
242,42
22,41%
Minority interest
0,00
19,33%
Income tax expense
(66,13)
(48,74)
35,68%
Net Income / (Loss)
230,60
193,67
19,07%
EBITDA
280,90
235,12
19,47%
EBITDA (exc.other)
259,56
207,36
25,17%
Gross Margin
8,48%
8,56%
EBIT Margin
4,00%
4,23%
EBIT Margin (exc.other)
3,68%
3,70%
EBITDA Margin
4,29%
4,49%
EBITDA Margin (exc.other)
3,96%
All rights reserved by Selcuk Ecza Deposu A.S.®

17. All rights reserved by Selcuk Ecza Deposu A.S.®
Appendix: Summary Financials:
Balance Sheet
Balance Sheet
(TL million)
Assets
Liabilities & Equity
Cash and cash equivalents
386,38
217,44
Short-term debt
662,86
48,02
Accounts rec.& due from related parties
3.845,35
3.191,28
Accounts payable & due to related parties
3.273,54
2.792,41
Inventories
1.372,30
1.013,04
Provisions & other current liabilities
118,64
107,41
Other current assets
160,57
118,74
Total Current Liabilieties
4.055,04
2.947,84
Total Current Assets
5.764,60
4.540,51
Long-term debt
0,00
PP&E
532,74
484,51
Provision for Employee Benefits & Other Liabilities
34,33
32,38
Intangible Assets(Including Goodwill)
32,31
32,43
Deferred tax liability
58,48
37,77
Other non-current assets
60,86
61,56
Other liabilities
Deferred tax assets
70,77
48,91
Total Non-Current Liabilieties
92,82
70,15
Total Non-Current Assets
696,67
627,41
Shareholder's equity & minority interest
2.313,41
2.149,93
Total Assets
6.461,27
5.167,92
Total Liabilities & Equity
All rights reserved by Selcuk Ecza Deposu A.S.®

18. 2Q2018 Earnings
Selcuk Ecza Deposu A.S Investor Relations & Capital Markets
Tel: Tel:
Fax:
Istanbul Stock Exchange: SELEC.IS
Bloomberg: SELEC.TI
Reuters: SELEC.IS