Tat Gida Sanayi A.s. · BIST:TATGD
Tat Gida Sanayi A.s — Tat Gıda — H1 2022 Earnings Presentation
20 slides from Tat Gida Sanayi A.s's earnings presentation, Aug 3, 2022
Slide 1: Half-Year Results 2022
Tat Gıda August 3, 2022 Half-Year Results 2022
Slide 2: Agenda
1 Key messages and Highlights 2 1H2022 Financial Results Agenda
Slide 3: Key messages and Highlights
1 Key messages and Highlights Net Sales* Net Earnings* 1.019 +565 179 454 394 89 +89 44 1H2020 1H2021 1H2022 1H2020 1H2021 1H2022 * Ongoing operations
Slide 4: Key 1H 2022 Messages
Key 1H 2022 Messages 1H2022 Highlights Delivered another quarter of strong results Net Sales* ▪ Substantial top-line results driven by strong consumer demand and added TL 1,019 mn capacities, together with balanced local and export mix and marketing (124% yoy growth) efforts. ▪ Domestic sales increa
Slide 5: Executing strategies to drive sustainable growth & efficiency
Executing strategies to drive sustainable growth & efficiency Advertising campaigns continued in 1H2022 both for domestic and export markets TOMATOES SAUCES READY-TO-EAT PLATES In domestic market, TV advertising campaigns, sponsorships, celebrity and influencer collaborations on social media continu
Slide 6: Tat R&D
Tat R&D Tat offers new taste and flavor options to its product portfolio in line with consumer needs and expectations. ▪ “Tat Ready to Eat Plates”, launched in 2Q2022, are fast, practical, nutritious and healthy ready-to-eat meal solutions with traditional flavors with a homemade taste and bowl prod
Slide 7: For Sustainable Future
For Sustainable Future Tat Gıda has been entitled to receive R&D support from the European Union with its PV4Plants and SolarHub projects within the scope of Horizon Europe Program. Tat signed a Cooperation Agreement with Bursa Uludağ University and aims to provide academic support to PV4PLANTS SOLA
Slide 8: Financial Highlights
Financial Highlights Net Sales (TL mn)* Gross Profit (TL mn) & Margin (%)* EBITDA (TL mn) & Margin (%)* +124% 1.092 1.019 +32% 34% 17% 16% 803 31% 32% 28% 29% 29% 30% 14% 15% 14% 15% 349 10% 553 319 464 454 254 359 +44% 151 164 172 134 135 135 101 84 67 62 35 2017 2018 2019 2020 2021 1H21 1H22 2017
Slide 9: 1H 2022 Financial Results
2 1H 2022 Financial Results Balance Sheet – Summary (TL mn) Income Statement - Summary (TL mn)* Jun 30, Dec 31, 1H2022 1H2021 2022 2021 Current Assets 1,788 1,350 Sales 1,019 454 Non-Current Assets 369 288 EBITDA 164 67 Total Assets 2,157 1,638 Net Income from Other operations 40 11 Current Liabilit
Slide 10: Revenues: as high as the levels attained in full-year 2021
▪ Thanks to finalized capex investments in Net Sales (TL Mn) 3Q21, and strong overall sales +124% performance, total sales volume in 1H22 1.092 1.019 increased by 56% yoy to 73K tons. Revenues: ▪ Net sales reached TL1.019 mn; up by +100% as high as the 124% yoy, due to higher volumes and 483 price a
Slide 11: Export strategy support growth
Exports (US$ mn) ▪ Total exports in 1H22 reached +86% Export strategy TL388 mn (US$26 mn ), displaying 251% growth yoy in TL terms and 26 support growth 86% in US$ terms. ▪ Exports share in total sales was 14 +27% 38% in 1H2022 vs. 24% in 1H21. 9 7 ▪ More than half of the sales were directed to Euro
Slide 12: Tougher market conditions prevail in 2022
Tougher market conditions prevail in 2022 Agricultural-IPI annual rate of changes in subgroups (%), ▪ Agricultural input price index increased by May 2022 236 124% compared to same month of the 225 previous year and increased by 61.5% compared to twelve months moving 91 98 81 averages, in May 2022.
Slide 13: Improved margins despite tough market conditions
COGS (TL Mn) ▪ Higher COGS due to elevated prices, +110% combined with weak TL led to a 670 Improved pressure on margins mainly in 3Q21. ▪ Thanks to favorable sales mix and margins prices; gross profit increased by 158% 319 +91% 317 yoy to TL349 mn; while gross margin despite tough came in at 34.4%
Slide 14: Strong operational performance
▪ Higher marketing & sales expenses to Operating Profit (TL Mn) accelerate growth and enhance long-term +153% market position. 156 Strong ▪ Despite elevated operating expenses, operating operational profit was up by 153% in 1H22, yoy to TL156 mn. 62 +102% 75 performance ▪ EBITDA at TL164 mn in 1H22,
Slide 15: Net Financial debt at TL236 mn
▪ Net Financial Debt position was TL236 mn, TL mn 1H2021 FY2021 1H2022 following a rise in 4Q21 due to elevated Cash and cash equivalents 275 106 301 Net Financial investments and harvesting season costs ST Financial Debt 182 240 497 TL293 mn at FY2021-end. LT Financial Debt 0 160 40 debt at TL236 ▪
Slide 16: Net Profit from ongoing operations almost doubled
Net Profit (TL mn) 179 155 ▪ Net Profit from ongoing Net Profit operations reached TL179 mn in 66 +100% 1H22, almost doubled the 1H21 from ongoing level of TL89 mn, thanks to 179 operations strong operational performance. 89 almost 1H2021 1H2022 doubled Discontinued Operations Ongoing Operations Net
Slide 17: Income Statement - Summary (TL mn)
Income Statement - Summary (TL mn) FY2020 FY2021 D YoY 1H2021 1H2022 D YoY 2Q2021 2Q2022 D YoY Net Sales 803 1.092 36% 454 1.019 124% 241 483 100% Cost of Sales (-) 549 773 41% 319 670 110% 166 317 91% Gross Profit 254 319 26% 135 349 158% 75 166 122% Operating Expenses (-) 134 188 40% 73 193 163% 3
Slide 18: Balance Sheet - Summary (TL mn)
Balance Sheet -Summary (TL mn) FY2018 FY2019 FY2020 FY2021 1Q2022 1H2022 Current Assets 641 780 1.173 1.350 1.388 1.788 Cash 28 10 121 106 252 301 Trade receivables 323 384 446 474 467 597 Inventories 238 338 361 628 474 596 Non-current Assets 223 247 136 288 297 369 Total Assets 864 1.026 1.309 1.6
Slide 19: This presentation does contain information and analysis on financial statements that reflect the Company
This presentation does contain information and analysis on financial statements that reflect the Company management’s current views. Although it is believed that the information and analysis are correct and expectations reflected in these statements are reasonable, they may be affected by a variety
Slide 20: Thank you
Thank you For further questions please contact: Banu Çamlıtepe - head of IR banu.camlitepe@tat.com.tr P: +90 216 430 00 00 ext: 2015 Tat Gıda A.Ş. investorrelations@tat.com.tr Taşdelen Mahallesi Sırrı Çelik Bulvarı No: 7 20 Çekmeköy - İstanbul