Oba Makarnacilik Sanayi Ve Ticaret A. S. · BIST:OBAMS
Oba Makarnacilik Sanayi Ve Ticaret A. S — OBA Makarnacılık Sanayi ve Ticaret A.Ş. — FY2023 Earnings Presentation
20 slides from Oba Makarnacilik Sanayi Ve Ticaret A. S's earnings presentation, March 2024
Slide 1: OBA Makarna 2023 Year-end financials
OBA Makarna 2023 Year-end financials March 2024
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 about the Company. To reproduce, distribute, publish partially or entirely, or copy for any purpose whatsoever,
Slide 3: Corporate history marked by growth
Corporate history marked by growth 2 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 → Qualifies for Turquality brand support program 2023 → New product launch: Instant noodles 2019 2024 → Acquires Hendek facility
Slide 4: A product portfolio from fertile lands of Türkiye to tables around the world
3 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% 68% 9% 6% Pack noodles Cup noodle Flour Instant noodles 5% 11% 3% 5% Addressing consumers’ convenience and practicality needs 11% 10% By pr
Slide 5: Highlights of 2023
4 Highlights of 2023 Financial summary Company brief TL 23.4 bn (+12% YoY growth) Against a rebalancing in pasta customer mix, higher Türkiye’s pasta export champion Net sales flour and noodle sales as well as an uplift from for the last 10 years1 wheat exports led to 12% revenue growth TL 1.8 bn (+
Slide 6: Summary financials
5 Summary financials (TL mn) 2022 2023 YoY change (%) Net sales 20,868 23,433 12% Gross profit 1,984 2,004 1% Operating profit 130 1,556 1,097% Net financial income / (expense) -505 -1,095 117% Net monetary gain / (loss) -1,892 689 n.m. Profit before tax -2,264 1,649 n.m. Net profit -2,102 1,279 n.m
Slide 7: Revenue composition
6 Revenue composition Net sales1 (TL mn) Net sales breakdown (%) 12.3% 2023 Pasta 23,433 20,868 Noodle 33% 6,211 12,110 30% Semolina 52% 2022 51% Flour 14,657 7%7% 2% By-product 11,323 4% 2% Trade sales 5% 3% 2022 2023 5% Product2 sales Trade sales Main product3 sales volume (k ton) Product2 sales g
Slide 8: Rising raw material exports in 2023, in line with market dynamics
7 Rising raw material exports in 2023, in line with market dynamics Trade sales1 (TL mn) Türkiye durum wheat export (k ton) Export amount - 595 (mn USD) In-depth experience in following crop 12,312 1,399 trends, local/global price developments Multi-dimensional wheat procurement planning Main target
Slide 9: Operational performance
8 Operational performance Gross profit (TL mn) COGS breakdown (%) 2023 Gross profit margin (%) 9.5% 8.6% Raw material 35% Production expense +1% 41% 2022 45% Labor expense 52% 1,984 2,004 2% 6% Other expense 6% Cost of trade goods 4% 6% 2% 2022 2023 Main product1 sales profit2 (TL mn) Trade sales pr
Slide 10: Higher EBITDA and net profit
9 Higher EBITDA and net profit EBITDA1 (TL mn) Operating expense breakdown (%) Net profit (TL mn) EBITDA Net profit 1.6% 7.6% -10.1% 5.5% margin (%) 2023 margin (%) +445% 11% 3% 1,780 1,279 7% 0% 22% 2022 32% 71% 55% 327 Personnel expense Outsourced services Transportation expense Other 2022 2023 -2
Slide 11: Trade working capital and CAPEX development
10 Trade working capital and CAPEX development Trade working capital (TL mn) CAPEX (TL mn) 12.2% 10.0% 3.6% 0.7% 2,539 756 2,352 175 2022 2023 2022 2023 As a percentage of net sales (%) Source: IFRS financials
Slide 12: Strong balance sheet with reduced debt
11 Strong balance sheet with reduced debt Net debt bridge as of 31.12.2023 (TL mn) Bank loans maturity breakdown 2 129 9.2% -239 516 6.6% 1.4% TL 751 mn <1 year 2-3 years 624 (31.12.2023) 1-2 years 3-4 years Short-term Long-term Payables to Cash and cash Net debt 82.8% borrowings borrowings sharehol
Slide 13: Comparison of financials with and without inflation accounting (TAS 29)
12 Comparison of financials with and without inflation accounting (TAS 29) Net sales (TL mn) with TAS 29 inflation accounting +12% 23,433 20,868 2022 2023 without TAS 29 inflation accounting +78% 19,720 +169% 11,069 7,723 2,870 Q4 2022 Q4 2023 2022 2023 Source: IFRS financials
Slide 14: Comparison of financials with and without inflation accounting (TAS 29)
13 Comparison of financials with and without inflation accounting (TAS 29) EBITDA (TL mn) with TAS 29 inflation accounting 1.6% 7.6% 1,780 327 2022 2023 without TAS 29 inflation accounting 1.1% 10.0% 3.5% 11.1% +472% 2,197 +2,327% 773 384 32 Q4 2022 Q4 2023 2022 2023 Margin % Source: IFRS financials
Slide 15: Comparison of financials with and without inflation accounting (TAS 29)
14 Comparison of financials with and without inflation accounting (TAS 29) Net profit (TL mn) with TAS 29 inflation accounting -10.1% 5.5% 1,279 -2,102 2022 2023 without TAS 29 inflation accounting -2.0% 7.6% 1.0% 8.3% +1,397% 1,641 589 110 -58 4Ç 2022 4Ç 2023 2022 2023 Margin % Source: IFRS financi
Slide 16: Appendix
15 Appendix
Slide 17: Balance sheet
16 Balance sheet Balance sheet (TL mn) 2022 2023 Current assets Cash and cash equivalents 56 239 Financial investments - - Trade receivables 2,118 1,944 Other receivables 113 81 Inventories 1,664 1,576 Prepaid expenses 1,127 864 Derivative instruments - - Current income tax assets - - Other current
Slide 18: Balance sheet
17 Balance sheet Balance sheet (TL mn) 2022 2023 Current liabilities Short-term borrowings 3,124 480 Short-term portion of long-term borrowings 112 142 Other financial liabilities 1 1 Trade payables 1,242 1,168 Payables related to employee benefits 23 26 Other payables 80 7 Derivative instruments 24
Slide 19: Income statement
18 Income statement Income statement (TL mn) 2022 2023 Net sales 20,868 23,433 Cost of sales -18,884 -21,429 Gross profit 1,984 2,004 Gross profit margin (%) 9.5% 8.6% General administrative expenses -117 -101 Selling and marketing expenses -2,227 -1,373 Other operating income 809 1,735 Other operat
Slide 20: Contact
19 Contact Investor Relations Contact Details yatirimciiliskileri@obamakarna.com.tr +90 530 388 10 50 4.Organize Sanayi Bölgesi 83422 Nolu Cadde No:1 Gaziantep / Türkiye
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