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

Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri Sanayii A.Ş. — H1 2016 Earnings Presentation

18 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2016

  1. Slide 1: Pınar Süt Mamulleri Sanayii A.Ş. Earnings Presentation, H1 2016

    PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, H1 2016

  2. Slide 2: H1 2016 Highlights

    1 H1 2016│ Highlights  In the first half of 2016, the dairy* market turnover grew by 4.3% and its volume increased by 2.8%, YoY. In this period, all categories achieved growth except yoghurt.  In the second quarter of 2016, increase in unprocessed food and energy prices affected consumer price ind

  3. Slide 3: Market Dynamics: Food Prices and Milk Production in Turkey

    2 H1 2016 │ Market Dynamics Annual Milk Production in Turkey Food Prices (Annual Pct. Change) (m ton) Processed Food Unprocessed Food Source: TSI  After sharp decrease in Year Milk Production the unprocessed food 2002 8.4 inflation in the first 2003 10.6 quarter of 2016, it 2004 10.7 increased whil

  4. Slide 4: Market Dynamics: Raw Milk Prices and Packaged Milk Products

    3 H1 2016 │ Market Dynamics 2014 2015 2016 1.15 TL Raw Milk Prices 1.20 TL  The raw milk base price which is set by National 1.00 TL Milk Council has remained stable since 0.80 TL Source: National Milk Council, liter July, 2014. In the second quarter of 2016, the raw milk base price remained at the

  5. Slide 5: Market: Dairy Market and Product Share Positions

    4 1,660.0m TL H1 2016│ Market 18.0% 17.5% 1,640.0m TL 16.4% 17.0% 16.0% Dairy Market* 1,620.0m TL 15.0% 1,600.0m TL 14.0%  In the first half of 2016, measurable dairy 1,636.4m TL 1,580.0m TL 13.0% market grew by 4.3% and its volume 12.0% 1,560.0m TL 1,568.5m TL 11.0% increased to 2.8%. 1,540.0m TL

  6. Slide 6: New Products

    5 H1 2016 │ New Products  The new series including Cheddar, Mozzarella Cheese and Kashkaval Cheese in 20 gram packages launched. Pınar Go Portion Cheese

  7. Slide 7: Income Statement

    6 H1 2016│ Income Statement (Million TL) 30.06.2016 30.06.2015 Difference % Change Net Sales 544.6 490.0 54.6 11.1 Cost of Goods Sold (439.0) (407.9) (31.1) 7.6 Gross Profit 105.6 82.1 23.5 28.6 R&D Expenses (5.3) (4.4) (0.9) 19.4 Sales, Distribution and Marketing (38.5) (33.1) (5.4) 16.4 Expenses G

  8. Slide 8: Sales Breakdown

    7 H1 2016 │ Sales Breakdown 3% Sales Direct 7% Channels 12% Export 12% 85% YBP 80% Net Sales 2015-H1 2016-H1 Product Portfolio 2015-H1 2016-H1 Growth in traditional cheese segment

  9. Slide 9: Sales Breakdown: Export

    8 H1 2016 │ Sales Breakdown│ Export S.Arabia Exports Kuwait Breakdown 27.2 25.2 UAE by Country (%) Iraq Cyprus 3.4 3.5 12.7 Qatar 5.0 10.2 12.7 Bahrain Other 2012 2013 2014 2015 2016/06 Shares of exports in sales 10.1% 10.9% 12.0% 12.3% 12.3%  The export revenue was 22.3 million Usd in the first ha

  10. Slide 10: Sales and Profitability

    H1 2016 │ Sales and Profitability Net Sales (m TL) Gross Profit (m TL) 200.0 18.6% 19.4% 180.0 16.8% 16.1% 16.8% 20.0% 160.0 140.0 15.0% 120.0 100.0 1,011 162.4 10.0% 940 80.0 150.9 157.7 810 60.0 105.6 490 545 40.0 82.1 5.0% 20.0 0.0 0.0% 2013 2014 2015 2015 H1 2016 H1 2013 2014 2015 2015 H1 2016 H

  11. Slide 11: Profit Margins

    H1 2016 │ Profit Margins Gross Profit EBIT 8.9% 19.8% 19.0% 18.6% 16.8% 16.1% 6.7% 6.7% 14.9% 5.8% 5.3% 3.1% 2013 2014 2015 1Q16 2Q16 2Q15 2013 2014 2015 1Q16 2Q16 2Q15 EBITDA* Net Profit 11.3% 9.3% 9.3% 8.9% 9.2% 8.3% 7.7% 7.7% 6.6% 6.2% 5.5% 3.0% 2013 2014 2015 1Q16 2Q16 2Q15 2013 2014 2015 1Q16 2

  12. Slide 12: Plant and Investments

    11 H1 2016 │ Plant and Investments Plants  710 m liter annual capacity of raw milk processing in 3 plants. Pınar Süt Şanlıurfa Plant Capital  In the first half of 2016, 21.2 million TL capital Expenditures expenditures were realized.

  13. Slide 13: Financial Ratios

    12 H1 2016 │ Financial Ratios Balance Sheet Ratios 2012/12 2013/12 2014/12 2015/12 2016/06 Current Ratio 1.64 1.51 1.42 1.16 1.07 Leverage Ratio 0.29 0.30 0.32 0.34 0.37 0.99 Current Borrowings/ Total Borrowings 1.00 0.55 0.93 1.00 Net Borrowings/ EBITDA 0.17 0.05 0.16 0.35 0.58 Net Borrowings/ Equi

  14. Slide 14: Strategy and Targets

    13 Strategy and Targets  Effective price management  Widespread distribution network  Efficient utilization of social media  Developments in Away From Home channel  Increasing export sales  Continuous marketing investments  Growing above market growth rates in the segments we operate in

  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 Fo

  16. Slide 16: Stock Performance

    H1 2016 │ Stock Performance 200 25,00 100,00 15,30 20,00 150 15,00 100 10,00 107,93 50 12,61 5,00 - 0,00 Relative togöre BİST-TÜM'e XUTUM (sol eksen) PNSUT (Sağ eksen) (TL) Corporate Governance Rating: 9.18 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! cS"

Pınar Süt Mamulleri Sanayii A.Ş. — H1 2016 Earnings Presentation on 6ix