Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT

Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri Sanayii A.Ş. — FY2016 Earnings Presentation

18 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2017

  1. Slide 1: Pınar Süt Mamulleri Sanayii A.Ş. 2016 Earnings Presentation

    investorrelations@pinarsut.com.tr PINAR SÜT MAMULLERİ SANAYİİ A.Ş. 2016 Earnings Presentation

  2. Slide 2: 2016 Highlights

    1 2016 │ Highlights 2016 Dairy Consumer Raw Milk Financial Market* Price Index Prices Summary  In 2016, market  Annual consumer  The raw milk base  5.6% turnover turnover grew by price Index (CPI) is price determined by growth, 4% 5.6% and its 8.53% the National Milk volume growth volume increas

  3. Slide 3: 2016 Market Dynamics

    2 2016 │ Market Dynamics Annual Milk Production in Turkey Food Prices (Annual Pct. Change) (m ton) Processed Food Source: TSI Unprocessed Food Food excl. Fresh Fruits and Vegetables In the last quarter of Year Milk Production 2016, processed food 2002 8.4 inflation declined, 2003 10.6 while unproces

  4. Slide 4: 2016 Market Dynamics: Raw Milk Prices

    3 2016 │ Market Dynamics 2014 2015 2016 Raw Milk Prices 1,15 TL 1.20 TL  The raw milk prices, which remained fixed by the National Milk 1.00 TL Council from July 2014 to 2016 year-ended, Source: National Milk Council, liter increased to the level 0.80 TL of 1.21 TL in the beginning of 2017. The ave

  5. Slide 5: 2016 Market

    4 2016 │ Market Dairy Market* 4.000,0m TL 17.7% 16.9% 16,9% 17,7% 17,0%  In 2016, measurable dairy market grew 3.800,0m TL 3.600,0m TL 15,0% by 5.6%, and its volume increased to 3.400,0m TL 3.200,0m TL 3.6milyar 3,6 3.8milyar 3,8 13,0% 4.9%, YoY. 3.000,0m TL billion billion TL TL 11,0% 2.800,0m TL

  6. Slide 6: 2016 New Products

    5 2016 │ New Products  Pınar Aç Bitir Sliced Cheddar 60g  Pınar Go Portion Cheese 20g  Lactose-free White Cheese 400g

  7. Slide 7: 2016 Sales Breakdown

    6 2016 │ Sales Breakdown Product Growth in traditional cheese segment Portfolio Net Sales 2015 2016

  8. Slide 8: 2016 Sales Breakdown: Channels

    7 2016 │ Sales Breakdown│ Channels Sales 3% Channels Direct 4% Net Sales Export 12% 12% * YBP 85% 84% 2015 2016 *YBP is the distribution company of Food Group.

  9. Slide 9: 2016 Sales Breakdown: Export

    2016 │ Sales Breakdown│ Export Exports Breakdown by Country (%) 27.9  The export 22.0 revenue was $ 42.5 million 13.8 12.5 in 2016. 11.3 5.3 3.8 3.4 S.Arabia Kuwait UAE Iraq Cyprus Bahrain Qatar Other 2012 2013 2014 2015 2016 Shares of Exports in Sales 10.1% 10.9% 12.0% 12.3% 11.9%

  10. Slide 10: 2016 Income Statement

    9 2016 │ Income Statement 12/31/2016 12/31/2015 Difference % Change (Million TL) Net Sales 1,067.8 1,011.2 56.6 5.6 Cost of Goods Sold (876.7) (848.8) (27.9) 3.3 Gross Profit 191.1 162.4 28.7 17.7 R&D Expenses (11.0) (9.2) (1.8) 19.5 Sales, Distribution and Marketing (77.3) (65.4) (11.9) 18.2 Expens

  11. Slide 11: 2016 Sales and Profitability

    2016 │ Sales and Profitability Net Sales (m TL) Gross Profit (m TL) 200.0 19.9% 18.6% 16.8% 17.9% 180.0 16.1% 20.0% 160.0 140.0 15.0% 120.0 100.0 191.1 940 1,011 1,068 80.0 145.0 150.9 157.7 162.4 10.0% 727 810 60.0 5.0% 40.0 20.0 0.0 0.0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 EBITDA* (m

  12. Slide 12: 2016 Profit Margins

    2016 │ Profit Margins Gross Profit EBIT 17.9% 6.1% 6.3% 5.8% 5.3% 17.2% 5.2% 16.8% 16.7% 16.1% 3.5% 15.4% 2014 2015 2016 3Q16 4Q16 4Q15 2014 2015 2016 3Q16 4Q16 4Q15 EBITDA* Net Profit 8.7% 8.7% 9.3% 9.2% 7.7% 7.7% 8.0% 6.3% 6.2% 5.6% 4.8% 1.7% 2014 2015 2016 3Q16 4Q16 4Q15 2014 2015 2016 3Q16 4Q16

  13. Slide 13: 2016 Plants and Investments

    12 2016 │ Plants and Investments  710 m liter annual capacity of raw milk processing Plants in 3 plants. Pınar Süt Şanlıurfa Plant Capital  In 2016 36.7 million TL capital expenditures were Expenditures realized.

  14. Slide 14: 2016 Financial Ratios

    13 2016 │ Financial Ratios Balance Sheet Ratios 2012 2013 2014 2015 2016 Current Ratio 1.64 1.51 1.42 1.16 1.23 Leverage Ratio 0.29 0.30 0.32 0.34 0.36 0.99 Current Borrowings/Total Borrowings 1.00 0.55 0.93 0.56 Net Borrowings/EBITDA 0.17 0.05 0.16 0.35 0.78 Net Borrowings/Equity 0.03 0.01 0.02 0.0

  15. Slide 15: Ownership, Participations, Auditors

    14 Ownership │ Participations│ Auditors Ownership Structure Auditors Financial Affairs Yaşar Holding A.Ş. 61% Price Waterhouse Coopers Free Float 39% Ernst&Young Production TSE Participations Breau Veritas Participation İştirak Share in Capital İştirak Oranı %% Yaşar Birleşik Pazarlama A.Ş. 31,8 Foo

  16. Slide 16: Stock Performance

    Stock Performance 140 20.00 15.52 15.85 120 100 15.00 80 100.00 92.13 10.00 60 40 5.00 20 - 0.00 Relative togöre BİST-TÜM'e XUTUM(sol eksen) PNSUT (Sağ eksen) (TL) Corporate Governance Rating: 9.24 Borsa İstanbul Ticker Symbol: PNSUT Date of Listing: 03.02.1986 15

  17. Slide 17: Disclaimer and Contact Information

    16 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-l

  18. Slide 18: Thank you

    Thank you

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