Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamülleri Sanayii A.Ş. — H1 2015 Earnings Presentation
19 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2015
Slide 1: Pınar Süt Mamulleri Sanayii A.Ş. Earnings Presentation, H1 2015
PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, H1 2015
Slide 2: H1 2015 – Highlights
1 H1 2015 – Highlights • The total dairy market turnover grew by 9.9 in H1 2015, YoY. The market volume narrowed by 0.6% due to the contraction in yoghurt category. • The cheese segment was the fastest-growing category in the market in terms of volume. • Pınar Süt strengthened its power in the marke
Slide 3: Factories
Factories 1975 - İZMİR 1997 - ESKİŞEHİR 2015 - ŞANLIURFA Total Area 110,075 m2 Total Area 150,000 m2 Total Area 96,962 m2 Closed Area 51,110 m2 Closed Area 35,825 m2 Closed Area 18,239 m2 PINAR SÜT Total Area 356,342 m2 Closed Area 105,174 m2
Slide 4: Market Dynamics
3 Market Dynamics Raw Milk Base 2013 2014 2015 Prices 1.30 TL • The raw milk base price which is set by National 1.10 TL Milk Council remained 0.90 TL stable since July, 2014. 0.70 TL Source: National Milk Council • As of June, the increase 0.50 TL was %10 in processed food prices, YoY. (TurkStat) T
Slide 5: Strong Position in the Market
4 Strong Position in the Market Billion TL 1,75 Increase in Market Share 18% Dairy Market* 1,50 1,25 17,40% • Measurable dairy market grew by 9.9% in 17% 1,00 16,95% H1 2015, compared to the same period in 0,75 1,61 16% 2014. The volume contraction was 0.6% in 0,50 1,46 0,25 the market due to the na
Slide 6: New Products
5 New Products The share of new Value Added Products products* in net sales is 25%. • 500 ml • 1000 ml • 100 g • 250 g * The new products • 500 g and new packages • 800 g launched since 2013.
Slide 7: Income Statement
6 Income Statement 30-Jun-15 30-Jun-14 Difference % Change (in million TL) Net Sales 490.0 459.4 30.6 6.7 Cost of goods Sold (407.9) (380.5) (27.4) 7.2 Gross Profit 82.1 79.0 3.2 4.0 R&D Expenses (4.4) (3.6) (0.8) 23.3 Sales, Distribution and Marketing (33.1) (32.6) (0.5) 1.4 Expenses General Admini
Slide 8: Growth Analysis
7 Growth Analysis 1.8% 5.6% 6.7% 490,0 Mn TL 459,4 Mn TL -0.8% 2014-1Y Miktar Fiyat ve Ürün Kur 2015-1Y Miksi
Slide 9: The Breakdown of the Net Sales
8 The Breakdown of the Net Sales Sale Direct Direkt 6% 3% Channels Net Sales Export 13% İhracat 12% 81% YBP*YBP 85% H1 2014 H1 2015 *The Distribution Company Product Portfolio • Increasing share of value added products Net Sales H1 2014 2014-1Y H12015-1Y 2015 Growth in Cheese
Slide 10: Exports
9 Exports Countries S.Arabia Kuwait 14.4 UAE 30.4 4.0 Iraq 4.3 TRN Cyrpus 4.5 Qatar 5.2 Azerbaijan 11.0 13.4 Bahrain 12.8 Others 2007 2008 2009 2010 2011 2012 2013 2014 2015/06 İhracatın net Share of satışlar exports in total 7,0% 7,0% 9,0% 8,0% 8,5% 10,0% 10,3% 12,0% 12,0% içerisindeki revenue payı
Slide 11: Sales and Profitability
Sales and Profitability Net Sales (m TL) Gross Profit (m TL) 200,0 19,9% 18,6% 11,4% 16,1% 180,0 17,2% 160,0 16,8% 16,8% 20,0% 140,0 15,0% 120,0 6,7% 100,0 809,8 940,5 80,0 157,7 10,0% 727,1 60,0 145,0 150,9 459,4 490,0 40,0 79,0 82,1 5,0% 20,0 0,0 0,0% 2012 2013 2014 2014-1Y H1 2015-1Y 2014 H1 2015
Slide 12: Profit Margins
Profit Margins Gross Margins EBIT Margins 8,3% 19,9% 18,6% 18,7% 7,3% 6,7% 16,8% 14,9% 15,7% 5,8% 3,6% 3,1% 2012 2013 2014 1Q15 2Q15 2Q14 2012 2013 2014 1Q15 2Q15 2Q14 EBITDA* Margins Net Profit Margins 10,6% 9,3% 8,9% 9,3% 9,7% 8,3% 7,6% 7,9% 6,6% 5,5% 5,8% 3,0% 2012 2013 2014 1Q15 2Q15 2Q14 2012 2
Slide 13: Investments
12 Investments • The facility commenced its operations in May 2015. Şanlıurfa • 65 million TL CAPEX Investment Pınar Süt Raw Milk Processing Capacity (annually) Before After 600 m lt 710 m lt • Capable of producing dairy and juice products Capital 2012 2013 2014 H1 2015 Expenditures Capex 31.4 m TL
Slide 14: Financial Ratios
13 Financial Ratios Balance Current Ratio 2012/12 1.64 2013/12 1.51 2014/12 1.42 2015/03 1.10 2015/06 1.13 Leverage Ratio 0.29 0.30 0.32 0.40 0.37 Sheet Current Borrowings/Total Borrowings 0.99 1.00 0.55 0.74 0.69 Net Borrowings/EBITDA 0.17 0.05 0.15 0.20 0.11 Ratios Total Borrowings/Equity 0.04 0.0
Slide 15: Strategies
14 Strategies Effective price management Widespread distribution network Efficient utilization of social media Developments in “Away From Home” channel Increasing export sales also in countries falling outside Gulf region Continuous marketing investment Growing above market growth rate
Slide 16: Ownership & Participation Structure & Auditors
Ownership & Participation Structure & Auditors Ownership Structure Auditors Yaşar Holding A.Ş. 61% Financial Affairs Free Float 39% Nexia Ernst&Young Production Participations Breau Veritas Share in Capital % TSE Yasar Birleşik Pazarlama A.Ş. 31.8 Bintur Catering A.Ş. 1.3 Alberk QA Desa Enerji A.Ş.
Slide 17: Stock Performance
Stock Performance 160 30,00 127,94 140 25,00 120 100,00 100 22,15 20,00 80 15,00 60 10,00 40 14,36 20 5,00 - 0,00 Relative to BİST-TÜM'e XUTUM göre (sol eksen) PNSUT PNSUT (TL) (Sağ eksen) Corporate Governance Rating : 9,09 Borsa İstanbul Ticker Symbol: PNSUT Date of Listing : 03.02.1986 16
Slide 18: 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
Slide 19: Thank You
zou e GS Thank You
Pınar Süt Mamülleri Sanayii A.Ş. — H1 2015 Earnings Presentation on 6ix