Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Ülker Bisküvi — Q2 2024 Earnings Presentation
22 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, Aug 1, 2024
Slide 1: Ülker Bisküvi 2Q24 Earnings
ÜLKER BİSKÜVİ 2Q24 EARNINGS 1
Slide 2: Quarterly Update, Operational Performance, Financial Performance, Outlook
Quarterly Operational Financial 01 Update 02 Performance 03 Performance 04 Outlook 2
Slide 3: Quarterly Update
Quarterly Update at
Slide 4: Maintains leading position in main snacking and strengthens leadership
Second Place Award in the "Sustainability • Maintains leading position in • Consistent operational Management" category - Istanbul Chamber of main snacking and manages performance across key Industry Green Transformation Awards program. to strengthen leadership via financial metrics Accomplished a g
Slide 5: Referenced by JP Morgan and Environmental Finance; rated above sovereign
Referenced by JP Morgan and Environmental Finance, and analytical articles have been prepared. 2 notches and 1 notch above sovereign by S&P and Fitch! 5
Slide 6: Operational Performance
Operational 02 Performance 6
Slide 7: Achievement with Continuous Improvement Culture and Capabilities
Achievement with Continuous improvement Culture and Capabilities • Net Loss 1.06% in 2022, reduced to 0.9%. • Overall Equipment Efficiency Improvement of 5% and enabled Efficiency gain of 11,000 tons for Chocolate Business and 15,000 tons for Bakery Business in the capacities of production facilitie
Slide 8: 1H24 Revenue and EBITDA Growth by Region
Türkiye Central Asia 8,5% -2,1% 1H24 Revenue Growth 1H24 Revenue Growth +15,6% -28,0% EBITDA Growth EBITDA Growth Türkiye Exports Middle East -8,6% 1,1% North Africa Revenue Growth 1H24 1H24 Revenue Growth -3,9% 4,8% EBITDA Growth EBITDA Growth 1H24 +62,0% Revenue Growth +60,6% EBITDA Growth 8 Turki
Slide 9: Balanced Geographic Revenue Mix and Net Revenue by Division
Balanced Geographic Revenue Mix Net Revenue By Division TRY36,5Bn EXPORT; 12% CA; 4% NA; 3% TRY25,3B TRY11,2B TRY36,5 Billion ME; 13% DOMESTIC; Domestic International 69% 69% 31% IAS 29 adjusted numbers 9
Slide 10: Revenue Contribution by Region and Category
TÜRKİYE MIDDLE EAST NORTH AFRICA CENTRAL ASIA Chocolate Biscuit Biscuit Biscuit Chocolate Cake %35 %27 %15 %16 10
Slide 11: Domestic, International and Total Revenue Contribution
12 % 7 % 10 % Domestic International Total Revenue contribution is calculated over snacking revenue 11 IAS 29 adjusted numbers
Slide 12: Financial Performance
Financial 03 Performance 12
Slide 13: Q2 Volume, Revenue, Gross Profit, EBITDA and Net Income
Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) -7% 4% 30,6% 1% 27,4% 16.396 15.309 151 4.677 153 4.485 Q2'23 Q2'24 Q2'23 Q2'24 Q2'23 Q2'24 EBITDA (MTL) Net Income (MTL) 19,2% 17,5% 3% Q2’23 1.260 2.862 2.935 Q2'23 Q2'24 -2.471 Q2'23 Q2'24 IAS 29 adjusted numbers 13
Slide 14: Snacking Sales Volume and Value
Snacking Sales Volume Snacking Sales Value 134 15.744 14.503 134 Kton MTL MTL Kton 9% 10% 7% 9% 39% 36% 51% 52% 53% 54% 42% 39% 2Q'23 2Q'24 2Q'23 2Q'24 Biscuit Chocolate Cake Biscuit Chocolate Cake Total snacking sales volume remained flat with 0,1% contraction in 2Q Total snacking revenue down by 8
Slide 15: Domestic and International Results
DOMESTIC Total Revenue Gross Profit EBITDA 13% -1% 27,2% 19,1% 23,8% 16,1% 18% 10.899 10.792 2.062 2.595 2.933 1.755 2Q'23 2Q'24 2Q'23 2Q'24 2Q'23 2Q'24 INTERNATIONAL Total Revenue Gross Profit EBITDA 38,6% 20,1% -21% 19,3% -18% -8% 34,4% 5.497 4.518 1.107 873 1.890 1.744 2Q'23 2Q'24 2Q'23 2Q'24 2Q'
Slide 16: 1H Volume, Revenue, Gross Profit, EBITDA, Net Income, Net Debt/EBITDA
Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 9% 4% 12% 31,4% 29,2% 324 352 35.201 36.558 10.265 11.469 1H'23 1H'24 1H'23 1H'24 1H'23 1H'24 EBITDA (MTL) Net Income (MTL) Net Debt / EBITDA (x) 9% 20,0% 19,1% 7.317 3.610 1,54 6.734 1,30 -58 1H'23 1H'24 1H'23 1H'24 FY'23 1H'24 IAS 29
Slide 17: North Africa, Middle East and Central Asia EBITDA Contribution
North Africa (HIFOOD) Middle East (FMC-IBC-UI MENA) Central Asia (HAMLE) 16,7 24,5 23,9 23,1 18,0 22,7 22,6 21,9 16,8 14,8 15,4 14,8 20,7 15,5 14,2 18,3 14,5 14,1 11,5 12,4 9,8 9,2 9,3 6,7 2024H1 2024H1 2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023 2024H1 2017 2018 2019 2020
Slide 18: Net Debt/EBITDA, Maturity Breakdown, Working Capital Days and Highlights
(*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown of Financial Liabilities as of June’24 1,58 1,19 83% Long Term Short Term 17% Dec-23 June-24 Average Working Capital Days Highlights 95 Days ~50% of the net position is closed. Further hedges are 82 110 Days 89 Subject to the approval of Hedge
Slide 19: Outlook
04 Outlook 19
Slide 20: Management Guidance
Net EBITDA Sales Margin GUIDANCE ~85.0BNTL ~18.5% IAS 29 adjusted management guidance 20
Slide 21: Inflationary Challenges vs. Actions, Price vs. Volume, Investment in Brand
01 INFLATIONARY CHALLENGES VS. ACTIONS Inflation moderating and should act as tailwind for input-costs 02 PRICE VS. VOLUME Volume to rebound, albeit a slower recovery as pricing moderates 03 INVESTMENT IN BRAND AND INNOVATION Creating value by offering customers new consumption experiences and choic
Slide 22: Thank You
Thank You 22