Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri Sanayii A.Ş. — 9M 2015 Earnings Presentation
18 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2015
Slide 1: Earnings Presentation, 9M 2015
PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, 9M 2015
Slide 2: Q3 2015 – Highlights
1 Q3 2015 – Highlights • The total dairy market turnover grew by 6% in 9M 2015, YoY. The market volume narrowed by 3% due to the contraction in yoghurt category. • The cheese segment was the fastest-growing category in the market in terms of volume. • Pınar Süt strengthened its power in the market.
Slide 3: Factories
Factories 1975 - İZMİR 1997 - ESKİŞEHİR 2015 - ŞANLIURFA Total Area 110,075 m2 Total Area 150,000 m2 Total Area 96,962 m2 Closed Area 51,110 m2 Closed Area 35,825 m2 Closed Area 18,239 m2 PINAR SÜT Total Area 356,342 m2 Closed Area 105,174 m2
Slide 4: Market Dynamics
3 Market Dynamics Raw Milk Base 2013 2014 2015 Prices 1.30 ₺ • The raw milk base 1.10 ₺ price which is set by 0.90 ₺ National Milk Council remained stable since 0.70 ₺ Source: National Milk Council, lt July, 2014. 0.50 ₺ The average raw milk base prices was higher by 7% in 9M 2015, compared to 9M 20
Slide 5: Strong Position in the Market
4 Strong Position in the Market Market CİRO PAZAR Turnover PINAR PAZARshare Pınar market PAYI Dairy Market* 3,0 20% 17,2% 17,5% • Measurable dairy market grew by 6% in 15% 9M 2015, compared to the same period in 2,0 2.3 2.4 2,4 milyar 10% 2014. The volume contraction was 3% in 2,3 milyar 1,0 billion
Slide 6: New Products
5 New Products The share of new Value Added Products products* in net sales is 26%. • 500 ml • 1000 ml • 100 g • 250 g • 500 g • 800 g * The new products and new packages launched since 2013.
Slide 7: Income Statement
6 Income Statement Sep 30, 2015 Sep 30, 2014 Difference % Change (Million TL) Net Sales 750.4 699.8 50.5 7.2 Cost of goods Sold (631.5) (582.7) (48.8) 8.4 Gross Profit 118.9 117.1 1.8 1.5 R&D Expenses (6.7) (5.6) (1.2) 20.8 Sales, Distribution and Marketing (49.6) (47.2) (2.5) 5.3 Expenses General A
Slide 8: The Breakdown of the Net Sales
7 The Breakdown of the Net Sales Sale Direkt Direct 5% 4% Channels Net Sales Export 12% İhracat 12% YBP* 83% YBP 85% 2014-9A 2014-9M 2015-9A 2015-9M *The Distribution Company Product Portfolio • Increasing share of value added products Net Sales 2014-9A 2014-1Y 2014-9M 2015-9A 2015-1Y 2015-9M Growth
Slide 9: Exports
8 Exports S. Arabia Countries Kuwait 18.3 28.8 UAE 4.1 Iraq 4.1 TRN Cyprus 5.0 Azerbaijan 12.4 14.6 Qatar 12.8 Others 2007 2008 2009 2010 2011 2012 2013 2014 2015/06 2015/ 09 Export sales share in total sales 7.0% 7.0% 9.0% 8.0% 8.5% 10.0% 10.3% 12.0% 12.0%
Slide 10: Sales and Profitability
Sales and Profitability Net Sales (m TL) Gross Profit (m TL) 200.0 19.9% 18.6% 11.4% 16.1% 180.0 7.2% 160.0 16.8% 16.7% 15.8% 20.0% 140.0 15.0% 120.0 100.0 809.8 940.5 157.7 10.0% 750.4 80.0 727.1 699.8 145.0 150.9 60.0 117.1 118.9 5.0% 40.0 20.0 0.0 0.0% 2012 2013 2014 2014-9M 2015-9M 2012 2013 201
Slide 11: Profit Margins
Profit Margins Gross Margins EBIT Margins 7.3% 19.9% 6.7% 18.6% 6.1% 16.8% 5.8% 14.9% 15.9% 14.1% 3.7% 3.1% 2012 2013 2014 2Q15 3Q15 3Q14 2012 2013 2014 2Q15 3Q15 3Q14 EBITDA* Margins Net Profit Margins 9.3% 8.9% 9.3% 7.6% 7.8% 8.3% 7.9% 7.3% 6.1% 5.5% 3.0% 2.9% 2012 2013 2014 2Q15 3Q15 3Q14 2012 20
Slide 12: Investments
11 Investments • The facility commenced its operations in May 2015. Şanlıurfa • 65 million TL CAPEX Investment Pınar Süt Raw Milk Processing Capacity (annually) Before After 600 m lt 710 m lt • Capable of producing dairy and juice products Capital 2012 2013 2014 2015-9M Capex 31.4 m TL 49.5 m TL 64.
Slide 13: Financial Ratios
12 Financial Ratios • Focus on risk management • Effective working capital management Balance Sheet • Strong balance sheet and liquidity Ratios management 2012/12 2013/12 2014/12 2015/03 2015/06 2015/09 Current Ratio 1.64 1.51 1.42 1.10 1.13 1.14 Leverage Ratio 0.29 0.30 0.32 0.40 0.37 0.38 Curre nt
Slide 14: Strategies
13 Strategies Effective price management Widespread distribution network Efficient utilization of social media Developments in “Away From Home” channel Increasing export sales also in countries falling outside Gulf region Continuous marketing investment Growing above market growth rate
Slide 15: Ownership & Participation Structure & Auditors
Ownership & Participation Structure & Auditors Ownership Structure Auditors Yaşar Holding A.Ş. 61% Financial Affairs Free Float 39% Nexia Ernst&Young Production Participations Breau Veritas Share in Capital % TSE Yasar Birleşik Pazarlama A.Ş. 31.8 Bintur Catering A.Ş. 1.3 Alberk QA Desa Enerji A.Ş.
Slide 16: Stock Performance
Stock Performance 160 127,35 30,00 140 100 25,00 120 100 20,00 80 20,00 15,00 60 10,00 40 14,36 20 5,00 - 0,00 Relative togöre BİST-TÜM'e XUTUM (sol eksen) PNSUT (TL)eksen) PNSUT (Sağ Corporate Governance Rating : 9,09 Borsa İstanbul Ticker Symbol: PNSUT Date of Listing : 03.02.1986 15
Slide 17: Disclaimer and Contact Information
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-look
Slide 18: Thank You
Thank You
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