Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Q2 2023 Earnings Presentation
28 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, Aug 18, 2023
Slide 1: Investor Presentation 2nd Quarter 2023
Investor Presentation 2nd Quarter 2023 18 August 2023 1
Slide 2: Agenda
01 Business & Strategy Update - Mete Buyurgan AGENDA 02 Quarterly Update 03 Domestic Operations 04 Export and International Operations 05 Balance Sheet Highlights 06 2023 Guidance 2
Slide 3: Outstanding performance continues
Outstanding performance continues ✓ Broad-based top line growth across all categories; biscuit, chocolate & cake ✓ Gross profit margin c.3ppt above prior year showing very successful implementation of our strategies and tactics ✓ EBITDA exceeding 4bnTL driving a strong EBITDA margin of 21.7%, strong
Slide 4: Consolidated performance highlights
23 Consolidated performance highlights Revenue 19.624 MTL 4.258 MTL EBITDA Growth + 65,2% Growth + 79,0% Gross 6.468 MTL Net Debt/ 2,42x Profit Growth + 82,4% EBITDA : 2,26x Gross 33,0% Margin Growth + 310bps 4
Slide 5: Solid operational results
Solid operational results Market leader with #1 in macro 35% in snacking snacking business category A regional power with unique performance 21,7% consolidated 65% topline EBITDA growth margin 5
Slide 6: Consolidated performance highlights
23 Consolidated performance highlights Revenue 9.512 MTL 1.915 MTL EBITDA Growth + 58,8% Growth + 68,8% Gross 2.997 MTL Net Debt/ 2,42x Profit Growth + 76,5% EBITDA : 2,26x Gross 31,5% Margin Growth + 320bps 6
Slide 7: Consolidated operational and financial performance
Consolidated operational and financial performance Q2'23 Q2'22 % H1'23 H1'22 % Total Volume (Ton) 151.052 158.309 -4,6% 324.376 337.447 -3,9% Total Revenue 9.511.854 5.991.042 58,8% 19.623.610 11.877.060 65,2% Gross Profit 2.996.973 1.697.710 76,5% 6.467.929 3.546.800 82,4% Gross Profit Margin 31,5%
Slide 8: Agenda
01 Business & Strategy Update Mete Buyurgan AGENDA 02 Quarterly Update 03 Domestic Operations 04 Export and International Operations 05 Balance Sheet Highlights 06 2023 Guidance 8
Slide 9: Top-line growth in all regions and categories in Q2
Top-line growth in all regions and categories in Q Snacking Sales Volume (Ktons) Snacking Sales Value (Mtl) 138 135 5.741 9.142 12 11 420 660 53 52 2.819 4.634 73 71 2.502 3.849 Q2'22 Q2'23 Q2'22 Q2'23 BISCUIT CHOCOLATE CAKE BISCUIT CHOCOLATE CAKE • Total snacking sales volume decreased by 2,6% • To
Slide 10: Agenda
01 Business & Strategy Update Mete Buyurgan AGENDA 02 Quarterly Update 03 Domestic Operations 04 Export and International Operations 05 Balance Sheet Highlights 06 2023 Guidance 10
Slide 11: Strong #1 in total snacking with 35% market share
Strong #1 in total snacking with 35% market share Biscuits 39% Market Share Chocolate-39% Market Share Cake-20% Market Share #1 in Petit Beurre #1 in Creamy Biscuits 4 out of Top 5 in Chocolate Covered #1 in Family Cake #1 in Special Biscuits #2 in Cracker #2 in Portion Muffin Coated Cake #1 in Soli
Slide 12: NPD sales contribute 11% of total domestic sales in 2023
-NPD sales contribute 11% of total domestic sales in 2023 New Product Launches BISCUITS CAKE CHOCOLATE 12
Slide 13: Solid results in our core market
Solid results in our core market Snacking Volume Snacking Sales Gross Profit EBITDA (X000 Tons) (Mtl) (Mtl) (Mtl) 95 95 5.943 1.774 1.200 3.465 28,6% 19,4% 850 619 23,7% 17,3% Q2'22 Q2'23 Q2'22 Q2'23 Q2'22 Q2'23 Q2'22 Q2'23 • Snacking sales volume • Snacking revenue was up by • Gross profit recorded
Slide 14: Domestic snacking results H1
Snacking Volume Snacking Sales Gross Profit EBITDA (X000 Tons) (Mtl) (Mtl) (Mtl) 202 200 12.369 3.929 2.733 6.846 30,6% 21,3% 1.783 1.311 25,2% 18,5% H1'22 H1'23 H1'22 H1'23 H1'22 H1'23 H1'22 H1'23 • Snacking sales volume was • Snacking revenue was up by • Gross profit increased by 120,4% • Higher g
Slide 15: Agenda
01 Business & Strategy Update Mete Buyurgan AGENDA 02 Quarterly Update 03 Domestic Operations 04 Export and International Operations 05 Balance Sheet Highlights 06 2023 Guidance 15
Slide 16: International: Continue to grow in our main hubs
International : Continue to grow in our main hubs Biscuits 23,8% M.Share (*) Biscuits-18,6% M.Share (*) Chocolate-16,6% M.Share (*) #1 in Plain #1 in Filled #1 in Filled (Biskrem and Tamr brands) #1 in Biscuits with Filling #1 Coated #2 in Filled Wafer #4 in Wafer #1 in Digestives #2 in Countline #4
Slide 17: NPD Sales contribute
NPD Sales contribute Saudi Arabia Egypt Kazakhstan 17
Slide 18: Strong performance in a challenging operating environment
Strong performance in a challenging operating environment Snacking Volume Snacking Sales Gross Profit EBITDA (X000 Tons) (Mtl) (Mtl) (Mtl) 2.539 1.525 6.614 93 87 4.558 1.764 1.068 37,5% 22,5% 36,8% 22,3% H1'22 H1'23 H1'22 H1'23 H1'22 H1'23 H1'22 H1'23 • Snacking volume decreased by • Snacking reven
Slide 19: International Operations
International Operations Hi Food FMC Hamle UI MENA IBC (EGYPT) (KSA) (KAZAKHSTAN) (UAE) (KSA) (TR) March June March December May August 2016 2016 2017 2017 2018 2021 EBITDA Contribution of International Business- 23 FMC; International Operations; 26,2% 36% Hifood; 6,4% Domestic TR Export; Operations
Slide 20: International operations EBITDA % development in years
International operations EBITDA % development in years NORTH AFRICA (HIFOOD) MIDDLE EAST (FMC-IBC-UI MENA) EBITDA % %24,5 %22,7 %23,9 %23,1 %22,6 %21,3 %18,3 %14,8 %15,4 %16,7 %15,0 %9,8 %11,5 %9,2 2017 2018 2019 2020 2021 2022 2023 Q2 2016 2018 2019 2020 2021 2022 2023 Q2 Current EBITDA % Total EBI
Slide 21: Agenda
01 Business & Strategy Update Mete Buyurgan AGENDA 02 Quarterly Update 03 Domestic Operations 04 Export and International Operations 05 Balance Sheet Highlights 06 2023 Guidance 21
Slide 22: Disciplined financial management lead to a stronger balance sheet with improved ratios
Disciplined financial management lead to a stronger balance sheet with improved ratios (*)Covenant Based Net Debt/Ebitda (X) Maturity Breakdown of Financial Liabilities as of June 2023 2,3 2,4 18% 3,54x 3,54x 3,22x 82% 0,42x December 2022 June 2023 Short Term Long Term Average Working Capital Days &
Slide 23: Agenda
01 Business & Strategy Update Mete Buyurgan AGENDA 02 Quarterly Update 03 Domestic Operations 04 Export and International Operations 05 Balance Sheet Highlights 06 2023 Guidance 23
Slide 24: 2023 Consolidated Guidance
2023 Consolidated Guidance Net EBITDA Sales Margin 2022 REALISED 28,20BNTL 19,4% 2023 GUIDANCE 40,00BNTL 19,0% 2023 REVISED GUIDANCE 40,75BNTL 19,2% 24 24
Slide 25: Strong growth and profitability continues
Strong growth and profitability continues VOLUME 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 E CAGR % (‘000 ton) 478 480 514 646 670 644 674 681 660 681 669 3,4% 40.750 28.197 19,4% 19,7% 19,8% 19,8% 23.001,0 19,2% 22.001,0 17,4% 18,6% 21.001,0 15,0% 20.001,0 19.001,0 18.001,0 11,5% 12,6%
Slide 26: Questions & Answers
v Questions& Answers 2 ULKER
Slide 27: Investor relations contact
Investor relations contact For further E-Mail Phone information please e-mail ir@ulker.com.tr +90 (216) 524 25 56 or call 27
Slide 28: Disclaimer
Disclaimer This presentation contains information and analysis on financial statements and is prepared for the sole purpose of providing information relating to Ülker Bisküvi Sanayi A.Ş. (“Ülker”) This presentation contains forward-looking statements which are based on certain expectations and assum
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