Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Ülker Bisküvi — Q3 2024 Earnings Presentation
20 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, Nov 1, 2024
Slide 1: Ülker Bisküvi 3Q24 Earnings
ÜLKER BİSKÜVİ 3Q24 EARNINGS 1
Slide 2: Agenda
AGENDA Quarterly Operational Financial 01 Update 02 Performance 03 Performance 04 Outlook 2
Slide 3: Quarterly Update
Quarterly Update at
Slide 4: Quarterly Update
Quarterly Update Operational /Financial Sustainability Update Market Share Update • Continued to grow with • Strengthening our leadership value-added launches and We provided training on sustainable farming position in all our operating communication support techniques at our factory and in our haze
Slide 5: Operational Performance
Operational 02 Performance 5
Slide 6: Operational Excellence
Operational Excellence Achievement with Continuous improvement Culture and Capabilities • Net Loss 0.92% in 2023 • 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 faci
Slide 7: 9M'24 Diversified footprint provides unique scale to lead & grow
9M’24 Diversified footprint provides unique scale to lead & grow Turkey Central Asia 7,1% -2,8% 9M24 Revenue Growth 9M24 Revenue Growth +5,0% -19,4% EBITDA Growth EBITDA Growth Turkey Exports Middle East -12,4% 1,9% North Africa 9M24 Revenue Growth 9M24 Revenue Growth -27,9% -3,3% EBITDA Growth EBIT
Slide 8: 9M'24 Revenue Breakdown
9M’24 Revenue Breakdown With A Diverse Geographic Presence Balanced Geographic Revenue Mix Net Revenue By Division TRY58,0Bn EXPORT; 12% CA; 3% NA; 3% TRY40,9B TRY17,1B TRY58,0 Billion ME; 11% DOMESTIC; Domestic International 71% 71% 29% IAS 29 adjusted numbers 8
Slide 9: Global Market Share
Global Market Share TÜRKİYE MIDDLE EAST NORTH AFRICA CENTRAL ASIA Chocolate Biscuit Biscuit Biscuit Chocolate Cake %35 %26 %15 %16 9
Slide 10: 9M'24 Revenue contribution of NPD's (New Product Launches)
9M’24 Revenue contribution of NPD’s (New Product Launches) 13 % 7 % 11 % Domestic International Total Revenue contribution is calculated over snacking revenue 10 IAS 29 adjusted numbers
Slide 11: Financial Performance
Financial 03 Performance 11
Slide 12: Q3'24 Quarterly Consolidated Financials
Q3’24 Quarterly Consolidated Financials Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 2% -9% -3% 30,3% 27,1% 178 17.809 18.196 172 5.401 4.931 Q3'23 Q3'24 Q3'23 Q3'24 Q3'23 Q3'24 EBITDA (MTL) Net Income (MTL) 20,6% -21% 15,9% 3.052 470 3.668 2.902 Q3'23 Q3'24 Q3'23 Q3'24 IAS 29 adj
Slide 13: Q3'24 Consolidated Volume & Revenue Contribution by Category
Q3’24 Consolidated Volume&Revenue Contribution by Category Snacking Sales Volume Snacking Sales Value 151 16.967 17.257 155 Kton Mtl Mtl Kton 10% 10% 9% 9% 36% 33% 49% 51% 55% 57% 42% 40% 3Q'23 3Q'24 3Q'23 3Q'24 Biscuit Chocolate Cake Biscuit Chocolate Cake Total snacking sales volume was down by 2,
Slide 14: Q3'24 P&L Breakdown by region
Q3’24 P&L Breakdown by region DOMESTIC Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) %-7 4% 28,0% 25,0% 19,6% 16,1% -14% 12.766 13.308 3.571 3.332 2.502 2.144 3Q'23 3Q'24 3Q'23 3Q'24 3Q'23 3Q'24 INTERNATIONAL Total Revenue (MTL) Gross Profit (MTL) EBITDA (MTL) 36,3% 32,7% 23,1% -35% 15,5% -3%
Slide 15: 9M'24 Consolidated Financials
9M’24 Consolidated Financials Total Volume (Kton X000) Total Revenue (MTL) Gross Profit (MTL) 5% 3% 5% 30,0% 29,5% 502 525 56.150 58.015 16.581 17.423 9M'23 9M'24 9M'23 9M'24 9M'23 9M'24 EBITDA (MTL) Net Income (MTL) Net Debt / EBITDA (x) 19,6% -1% 18,7% 4.402 1,54 2.989 11.002 10.872 1,48 9M'23 9M'
Slide 16: International Operations EBITDA % Development in Years
International Operations EBITDA % Development in Years North Africa (HIFOOD) Middle East (FMC-IBC-UI MENA) Central Asia (HAMLE) 18,0 16,8 24,5 15,5 16,7 23,9 23,1 14,5 14,1 22,7 22,6 13,7 14,8 15,4 20,7 20,2 14,2 14,3 18,3 11,5 9,3 9,8 9,2 6,7 20249M 2017 2018 2019 2020 2021 2022 2023 20249M 2017 20
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights (*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown of Financial Liabilities as of September ’24 1,58 85% Long Term 1,33 Short Term 15% Dec-23 Sep-24 September-24 Average Working Capital Days Highlights 104 Days ~68% of the net position is closed. Further hedges are 102
Slide 18: Outlook
04 Outlook 18
Slide 19: Revised fiscal year 2024 guidance
Revised fiscal year 2024 guidance reflecting expectations of diminished purchasing power and prudent consumer sentiment Net EBITDA Sales Margin GUIDANCE ~85.0BNTL ~18.5% REVISED GUIDANCE ~80.0BNTL ~18.2% IAS 29 adjusted management guidance 19
Slide 20: Thank You
Thank You 20