Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Süt — Q3 2018 Earnings Presentation
12 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2018
Slide 1: Pınar Süt Earnings Presentation 3rd Quarter of 2018
Pınar Süt Earnings Presentation 3rd Quarter of 2018
Slide 2: Pınar Süt at a Glance
2018-9M PINAR SÜT AT A GLANCE %1 1
Slide 3: Highlights
2018-9M HIGHLIGHTS 1,114.1 24.2% 80.5 million TL Growth million TL Net Sales in Net Sales EBITDA 34.5 23.9 1,110 million USD million TL Number of Export Sales Capex Employees in 9M-18 ˗ Following %2 the National Milk Council decision on the raw milk base prices which is an increase to 1.70 TL/liter
Slide 4: Market Dynamics: Production and Cost
2018-9M MARKET DYNAMICS PRODUCTION AND COST Number of Milked Animals in TSI, million unit Milk Production in Turkey TSI, million tonnes Turkey 28.5 25.5 24.6 25.2 20.7 23.9 +13% 18.2 18.6 18.7 18.5 +12% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Inflation and Raw Milk Prices Progress TSI, NMC
Slide 5: Market Dynamics: Consumption and Market
2018-9M MARKET DYNAMICS CONSUMPTION AND MARKET Share of Packaged Products Packaged Products Penetration IPSOS 92.2 92.6 93.3 93.2 50.8% 52.1% 37.5% 36.5% Milk Cheese Milk Cheese 2017-H1 2018-H1 Dairy Market Nielsen, BIM Exc. Sales Value +19% 2017-9M 2018-9M +25% +17% +31% +15% Milk Cheese Yoghurt *A
Slide 6: Market Position
2018-9M MARKET POSITION Pınar Süt and the Competitors Market Shares Based on Products Nielsen, 2018-9M, BIM Excl. Nielsen, 2018-9M, BIM Excl. Pınar Closest Competitor Product Market Share Position Total UHT Milk 30.1% #1 UHT Light Milk 60.5% #1 Enriched Milk (Kids) 81.3% #1 Total UHT Milk UHT Light
Slide 7: Financials: Net Sales Breakdown
2018-9M FINANCIALS NET SALES BREAKDOWN *Other 10% Based on Product Groups *Fruit juice, Dairy sauce, other Products 90% Based on Sales Channel Export 34.5 million Dollar 14% S. Arabia 25.3% Direct Kuwait 11.0% *Yaşar Birleşik Pazarlama is 4% the distribution company of Iraq 11.0% UAE 10.7% Yaşar Gro
Slide 8: Financials: Income Statement
2018-9M FINANCIALS INCOME STATEMENT (Million TL) 9M-2018 9M-2017 Difference Change Net Sales 1,114.1 897.1 216.9 24.2% Cost of Goods Sold (940.4) (755.3) (185.2) 24.5% Gross Profit 173.6 141.9 31.8 22.4% R&D Expenses (9.4) (8.9) (0.5) 5.4% Sales, Distribution and Marketing (79.1) (64.6) (14.4) 22.3%
Slide 9: Financials: Sales and Profitability - Quarterly
2018-9M FINANCIALS SALES AND PROFITABILITY - QUARTERLY Net Sales Gross Profit 17.9% 16.1% 15.9% 15.7% 12.3% 13.1% 1,240 1,011 1,068 321 400 349 2015 2016 2017 3Q17 3Q18 2Q18 2015 2016 2017 3Q17 3Q18 2Q18 EBITDA* Net Profit 8.7% 6.2% 7.7% 5.6% 6.9% 7.3% 3.8% 5.2% 4.9% 2.0% 0.9% 2015 2016 2017 3Q17 3Q
Slide 10: Financials: Financial Ratios and Capital Expenditures
2018-9M FINANCIALS FINANCIAL RATIOS 2015/12 2016/12 2017/12 2018/06 2018/09 Current Ratio 1.16 1.23 1.21 1.20 1.13 Leverage Ratio 0.34 0.36 0.43 0.45 0.49 Current Borrowings/Total Borrowings (Fin.) 0.93 0.56 0.64 0.57 0.69 Net Fin. Borrowings/EBITDA 0.35 0.74 1.69 1.36 1.70 Net Fin. Borrowings/Equit
Slide 11: Ownership Structure
2018-9M OWNERSHIP STRUCTURE SHAREHOLDING STRUCTURE OF PINAR SÜT (%) Shareholder Share Rate (%) Share Amount(TL) YAŞAR HOLDİNG A.Ş. 61.41 27,603,901.57 OTHER 38.59 17,347,149.68 Total 100.00 44,951,051.25 OTHER The company’s shares are traded at Borsa İstanbul Star Market under the ticker symbol PNSU
Slide 12: Disclaimer and Contact Information
2018-9M DISCLAIMER AND CONTACT INFORMATON 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 forwa