Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT

Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri Sanayii A.Ş. — FY2013 Earnings Presentation

26 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2013

  1. Slide 1: Pınar Süt Mamulleri Sanayii A.Ş. Earnings Presentation, 2013

    PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, 2013

  2. Slide 2: Highlights

    Highlights • Innovator and pioneer • Most admired company in •YBP – Turkey’s biggest Turkey* nationwide cold and frozen • More than 200 SKUs distribution chain • Closest brand to mothers** • R&D expertise • Best fruit juice brand*** •More than 150.000 sales points • One of the top ten most •Technica

  3. Slide 3: Market Dynamics

    Market Dynamics Share of Packaged Milk  Annual raw milk production is 770 m tons in the World (+%2,7 growth in 2012), and around 17,4 m tons in Turkey (2012 growth %15,6 ) (Source: USK, FAO, TUİK), 32% 34% 39% 44% 48% 52% 55% 58% 60%  The amount of milk produced in our country is increasing in 61%

  4. Slide 4: Market Dynamics - II

    Market Dynamics - II UHT Milk Market (Volume) 100% 93,0% 75% 50% 25% 4,7% 0,6% 0,2% 0,9% 0,6% 0% Total Cheese Market (Value) Source: IPSOS, 2013 Others; 10% Spreadable Yellow Cheese; Cheese; 15% 40% White Cheese; 35% Total size: 1.3 bn TL Source: Nielsen, 2013 3

  5. Slide 5: Market Dynamics - III

    Market Dynamics - III Price of Food Products Raw Milk Base Prices in Turkey (TL/lt) Food Prices (% change) Processed Food Unprocessed Food 2013 2012 2011 2010 1,10 TL Volatility in unprocessed food 0,95 TL prices in 2013 0,80 TL 0,65 TL 0,50 TL J A J O Row Milk Base Prices Penetration of Packaged Mi

  6. Slide 6: Market Shares - I

    Market Shares - I 3,0 20,0% 18,0% 17,6% 17,1% Product Share Position 15,0% UHT Light Milk 61% #1 2,0 Total UHT Milk 31% #1 10,0% 2,7 2,8 2,9 Organic Milk * 92% #1 1,0 5,0% Enriched Milk (Kids) 55% #1 Butter 18% #2 - 0,0% Homogenized Yoghurt 11% #3 2011 2012 2013 Spreadable Cheese 38% #1 Total Dairy

  7. Slide 7: Market Shares - II

    Market Shares - II 64,2% 64,5% 60,3% 58,9% 61,1% UHT Light Milk Total UHT 40,9% 39,0% 41,8% Milk 39,2% 37,8% 30,1% 31,8% Spreadable 26,7% 27,1% 30,8% Cheese 16,9% 18,4% 17,0% 17,2% Butter 18,4% 9,8% 10,9% 11,0% 10,1% 10,6% Homogenize d Yoghurt 2009 2010 2011 2012 2013 Source: Nielsen, - Value Share

  8. Slide 8: New Products

    New Products Kremilla Custard Chocolate Latte 7

  9. Slide 9: Campaigns - I

    Campaigns - I Fruit Juices Television

  10. Slide 10: Campaigns - II

    Campaigns - II Pınar Cream Cheese, Pınar Beyaz Chocolate and Pınar Labaneh

  11. Slide 11: Campaigns - III

    Campaigns - III Kremilla izlesene.com Outdoor

  12. Slide 12: Export

    Export  Pınar realizes 16% of Turkey’s Dairy Products Exports itself Breakdown of Net Sales (2013)  Export income was icreased by 16.4 in USD. Direct; Export; 4%  Exports to 28 different countries which are Middle East, Europe, 11% USA and Asia. In 2013 Morocco and Greece joined into Pinar Süt ex

  13. Slide 13: Şanlıurfa Investment

    Şanlıurfa Investment  Pınar Süt Şanlıurfa plant, which will be established on a land of 100 thousand m²  Raw milk collected from Şanlıurfa and cities around it  The milk and dairy products will be produced in the factory. The product range will be expanded depending on the needs.  The benefits f

  14. Slide 14: Financial Results

    PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Financial Results

  15. Slide 15: Sales and Profitability

    Sales and Profitability Net Sales (mn TL) Net Profit (Mn TL) 809,8 72,9 727,1 67,4 651,1 57,8 60,1 57,4 577,1 480,7 CAGR %14 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013  In 2013, the net sales have grown by %11,4, in both EBITDA* (Mn TL) value and volume terms. Growth in volume terms is 84,6

  16. Slide 16: Income Statement

    Income Statement December 31, 2013 December 31, 2012 Difference % Change (Million TL) Net Sales 809,8 727,1 82,7 11,4 Cost of goods Sold (659,0) (582,2) (76,8) 13,2 Gross Profit 150,9 145,0 5,9 4,1 R&D Expenses (8,2) (7,2) (1,0) 13,5 Sales, Distribution and MarketingExpenses (60,3) (54,9) (5,4) 9,8

  17. Slide 17: Growth Analysis

    Growth Analysis %0,8 %6,7 %3,8 %11,4 809,8 Mn TL 727,1 Mn TL 2012 Miktar Fiyat ve Kur 2013 Ürün Miksi

  18. Slide 18: Profit Margins

    Profit Margins Gross Margin EBIT* 25,1% 10,5% 20,5% 19,9% 8,7% 18,6% 7,3% 16,4% 16,7% 6,7% 5,6% 6,1% 2011 2012 2013 4Q12 4Q13 3Q13 2011 2012 2013 4Q12 4Q13 3Q13 EBITDA** Net Profit 13,0% 11,2% 10,7% 10,5% 8,8% 9,3% 7,9% 8,3% 8,9% 8,4% 7,9% 6,7% 2011 2012 2013 4Q12 4Q13 3Q13 2011 2012 2013 4Q12 4Q13

  19. Slide 19: Quarterly Results

    Quarterly Results Net Sales (Mn TL)  In 4Q13, sales rose either compared to 4Q12 (18%) 210 or to 3Q13 (1%). 208 177  Taking advantage of Şanlıurfa Investment improved the net profit margin, compared to 4Q12 in 4Q2013. EBITDA* (Mn TL) 4Q12 4Q13 3Q13 18,7 16,5 17,4  Price competition is continuing

  20. Slide 20: Basic Ratios, Net Financial Debt & Net Working Capital

    Basic Ratios, Net Financial Debt& Net Working Capital December 31, 2013 December 31, 2012 December 31, 2013 December 31, 2012 (Million TL) Current ratio 1,51 1,64 Cash & Cash Equivalents 0,82 4,51 Leverage ratio 0,30 0,29 S/T Bank Borrowings 4,53 15,52 S/T Fin Debt/T. Fin Debt 1,00 0,99 L/T Bank Bor

  21. Slide 21: Dividends

    Dividends 89,4% 89,9% 78,2% 88,2% 84,6% 69,2% 79,7% 70,9% 1,22 TL 0,96 TL 0,96 TL 0,88 TL 0,59 TL 0,37 TL 19,6% 0,32 TL 5,1% 10,7% 7,1% 0,08 TL 7,7% 5,9% 8,7% 0,13 TL 5,8% 4,7% 3,3% 2004 2005 2006 2007 2008 2009 2010 2011 2012 Dividends Hisse PerTemettü Başı Net Share PayoutÖdeme Temettü Ratio Oranı

  22. Slide 22: Overview of 2013

    Overview of 2013  The fluctuation in raw milk prices has decreased depending on the method applied by National Milk Council; On the other hand, the raw milk base price was at higher level by %14 in 2013 when compared to 2012.  In line with our growth strategy, the foundation of 3rd Facility was la

  23. Slide 23: Strategies and Targets

    Strategies and Targets  Growing above market growth rates in the segments we operate in, with ;  Effective price management  Widespread distribution network  Efficient utilization of social media  Developments in “Away From Home” channel  Increasing export sales also in countries falling outsi

  24. Slide 24: Ownership & Participation Structure, Share Performance

    Ownership & Participation Structure Share Performance Shareholder Structure Share Performance Relative and Absolute Performance of Pınar Süt Shares 31.12.2010 = 100 %31,8 %44,9 %30,5 %12,6 %5,5 %8,8 23

  25. Slide 25: Disclaimer and Contact Information

    Disclaimer and Contact Information This presentation does not constitute an offer or invitation to purchase or subscription for any securities and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation contains forward-look

  26. Slide 26: Thank You

    Thank You

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