Oba Makarnacilik Sanayi Ve Ticaret A. S. · BIST:OBAMS
Oba Makarnacilik Sanayi Ve Ticaret A. S — OBA Makarnacılık Sanayi ve Ticaret A.Ş. — Investor Presentation (February 2024)
24 slides from Oba Makarnacilik Sanayi Ve Ticaret A. S's investor presentation, February 2024
Slide 1: OBA Makarna: A global player in the strategic pasta industry
OBA Makarna A global player in the strategic pasta industry February 2024 Strictly private and confidential
Slide 2: Disclaimer
1 Disclaimer The information provided in this presentation has been prepared by OBA Makarnacılık Sanayi ve Ticaret A.Ş. ("the Company" or "Oba") to provide general information to investors following the initial public offering of the Company’s shares on Borsa Istanbul. To reproduce, distribute, publ
Slide 3: OBA: A global player in the strategic pasta industry
2 OBA: A global player in the strategic pasta industry Türkiye’s largest pasta producer1 and export champion since 20122 A key player in A leading pasta Hendek global pasta trade3,4 with producer5 in Türkiye with 7.4% share c.25% share Diversified & established export A commanding player in base cov
Slide 4: Corporate history marked by growth
Corporate history marked by growth 3 OBA is Türkiye’s top pasta exporter since 20121 A unique growth story in the pasta sector with the right steps taken at the right time → Pasta capacity → Qualifies for Turquality brand 506k tons → 585k tons2 support program Onwards 2023 → New product launch: Inst
Slide 5: High-capacity Gaziantep plant is at the heart of Türkiye’s wheat zone
4 High-capacity Gaziantep plant is at the heart of Türkiye’s wheat zone Gaziantep plant caters to emerging markets demand with ample capacity 49k sqm 12 Closed area Pasta production lines Located at the heart of the rich wheat agriculture zone of Turkey Proximity to İskenderun and Mersin ports for c
Slide 6: New capacity at the state-of-the-art Hendek plant reinforces growth prospects
5 New capacity at the state-of-the-art Hendek plant reinforces growth prospects State-of-the-art production plant at Hendek, Sakarya caters to developed market demand with additional capacity as of 2024 51k sqm 7 → 91 4 Closed area Pasta production lines Noodle production lines Proximity to Derince
Slide 7: A product portfolio from fertile lands of Türkiye to tables around the world
6 A product portfolio from fertile lands of Türkiye to tables around the world A portfolio of every-day staples in various forms and packages Pasta Semolina 72% 9% Pack noodles Cup noodles Flour Instant noodles 5% 3% Addressing consumers’ convenience and practicality needs 11% By products % share in
Slide 8: Cornerstones of success
7 Cornerstones of success Advantageous raw material sourcing Best-in-class production Well-crafted route to market → Balanced wheat procurement → Proven market strategy → Two strategically located facilities, policies between local and differentiated by geography and close to fertile wheat productio
Slide 9: OBA investment thesis
8 OBA investment thesis 1 Growth in pasta supported by increased capacity, domestic and international dynamics Product development through continuous R&D enabling entry to new markets – Case study: 2 Noodles Global vision leveraging secular growth in strategic pasta industry 3 Profit focus in capaci
Slide 10: Pasta is a staple food item with proven appeal and resilience globally
9 1 Pasta is a staple food item with proven appeal and resilience globally Global pasta market (USD bn) CAGR 6% CAGR 5% 2.7 3.7 4.3 3.8 5.3 Pasta market geographic breakdown (2022) CAGR 5% 94.0 9% Covid-19 effect 27% 13% 73.7 CAGR 6% 66.4 62.6 15% 45.9 36% Europe Asia Pacific North America Middle Ea
Slide 11: Türkiye is a prominent player in the global pasta market and OBA is a key contributor
1 Türkiye is a prominent player in the global pasta market and OBA is a key 10 contributor Türkiye’s pasta exports1 and global market share evolution (mn tons) 26.2% 26.3% 26.5% 27.1% 26.6% 20.7% 23.7% 17.5% 18.0% 17.8% 1.21 1.40 1.29 1.25 13.2% 1.01 1.16 0.64 0.67 0.64 0.79 0.44 2012 2013 2014 2015
Slide 12: R&D capabilities lead to continuous product portfolio enhancement
11 2 R&D capabilities lead to continuous product portfolio enhancement Adept at offering customized formulas to align with the unique taste profiles of different markets Pasta Swiftly provides both mainstream and niche products Mac & Tri-color Whole wheat Cheese pasta pasta Dedicated labs for creati
Slide 13: Case Study: Product portfolio enhancement – Noodles
12 2 Case Study: Product portfolio enhancement – Noodles Identifying the market and demand: Global noodle consumption trends Noodle consumption by region (bn servings1) Underlying trends in the high growth noodles market… CAGR 2017-2022 CAGR 4.0% 121.5 Urbanization 2.1 7.2 Europe 6.7% 100.1 5.6 1.5
Slide 14: Profit focus in capacity allocation and growth with the right product strategy
3 Profit focus in capacity allocation and growth with the right product 13 strategy Pasta unit import price 2022 (USD / ton)1 New capacity to support growth in profitable markets 1,496 1,623 1,371 Pasta Enhance portfolio with value-added 664 674 615 products Product Somalia Venezuela Ghana Germany U
Slide 15: Operational margin improvement potential with strong balance sheet
14 4 Operational margin improvement potential with strong balance sheet Increasing capacity leading to sales volume growth, resulting in economies of I scale Focus on high margin countries and a shift in product mix towards II higher margin noodles Continuous optimization of procurement costs and pr
Slide 16: Income statement
15 Income statement Income statement (TL mn) 2019 2020 2021 2022 9M 2022 9M 2023 Net sales 2,427 3,100 5,216 11,069 8,199 11,997 Cost of sales -2,158 -2,638 -4,078 -9,733 -7,138 -10,298 Gross profit 269 461 1,138 1,336 1,061 1,699 General administrative expenses -23 -39 -60 -62 -76 -45 Selling and m
Slide 17: Balance sheet
16 Balance sheet Balance sheet (TL mn) 2019 2020 2021 2022 9M 2023 Current assets Cash and cash equivalents 2 6 2 34 361 Financial investments - 0 0 0 14 Trade receivables 203 314 508 1,285 2,364 Other receivables 32 38 54 68 117 Inventories 274 554 673 998 1,415 Prepaid expenses 74 19 43 564 331 De
Slide 18: Balance sheet
17 Balance sheet Balance sheet (TL mn) 2019 2020 2021 2022 9M 2023 Current liabilities Short-term borrowings 111 235 469 1,896 630 Short-term portion of long-term borrowings 21 24 37 68 135 Other financial liabilities - 3 0 1 0 Trade payables 121 195 161 754 1,458 Payables related to employee benefi
Slide 19: Use of IPO Proceeds
18 Use of IPO Proceeds 1 → Expand and diversify the product offering and add production capacity Product diversification, → Enhance the existing solar power plants and/or increase electricity Efficiency and innovation energy and capacity generation via improving the efficiency of the trigeneration p
Slide 20: Appendix
19 Appendix
Slide 21: Responsible, accountable approach to sustainability
20 Responsible, accountable approach to sustainability Sustainable Efficient Circular Effective Equal Ethics, Social agriculture, use of economy supply chain opportunity transparency responsibility quality and food water and practices management employer safety resources 97% of waste is directed to
Slide 22: Sound organizational structure
21 Sound organizational structure Young workforce and inclusive culture with 1,262 employees as of September 2023 Category Gender Age White collar Blue collar Female Male Under 30 Between 30-50 Above 50 15% 27% 42% 54% 73% 85% 4% Leadership team 38% 62% OBA supports gender equality in business Sourc
Slide 23: Ownership structure
22 Ownership structure Pre-IPO ownership structure Post-IPO ownership structure Shareholder (TL) (%) (TL) (%) Alpinvest 285,018,650 70.00% 272,976,607 56.94% Turkey Pasta Holding Ltd 122,150,850 30.00% 110,108,807 22.97% Free float - 96,336,345 20.09% Total 407,169,500 100.00% 479,421,759 100.00% Al
Slide 24: Board of directors
23 Board of directors Position / Title Mehmet Musa Özgüçlü Chairman Salah Mohammed Amin Abdulla Deputy Chairman Azhar Marzooq Ali Almarzooq Member Alpaslan Özgüçlü Member Alpinvest Yatırım Gıda San ve Tic. A.Ş.1 Member Naser Abdulhameed Alnaser Member Hakan Özgüçlü Member Aynur Özgüçlü Member Mehmet
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