Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Q4 2021 Earnings Presentation
35 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, Mar 11, 2022
Slide 1: Investor Presentation 4th Quarter 2021
Investor Presentation 4th Quarter 2021 2 istanbul, 11 March 2022 oe :
Slide 2: Agenda
AGENDA for) Ulker Company Overview
Slide 3: Ülker Company Overview
& Ulker Company Overview @ & aise . . Bisc.& Choc.& Cakes 4 in Istanbul, Production: 2in Karaman, 2 in Ankara and 1in Giresun Total 9 Factories 4 cou ntries, T.Capacity: 1.2 Mtons/year 77 years of experience in Turkey facilities Largest capacity a in the region with Total Capacity: vs a strategicall
Slide 4: Challenges
@ Challenges Despite heavy challenges on market condition we are on track with our targets =—_ Way Tne >| Increase in the Border closures Consumption Decreasein the logistic costs in export decline due to commercial trade markets lockdowns in H1 due tothe taxation change in MENA G) w dar Higher incr
Slide 5: Achieve an extraordinary success: grow volume, market share and EBITDA margins
@ Achieve an extra ordinary success: grow our volume, increase our market share and reach a pivotal EBITDA margins * Ability to act as local producer and regional production hubs as well Hi Food Hamle UI MENA ONEM * Ability to build higher scale in primary markets (EGYPT) (KAZAKHSTAN) (UAE) (TR) . .
Slide 6: Contribution of exports and international operations
@ Contribution of exports and international operations Revenue Breakdown EBITDA Breakdown mDomestic minternational mDomestic minternational mDomestic minternational mDomestic minternational FY 2020 FY 2021 FY 2020 FY 2021 Prior periods of ULKER are restated due to Onem Gida acquisition. All numbers
Slide 7: Agenda
AGENDA 4Q 2021 Consolidated Operational Performance and Communication Highlights
Slide 8: 2021 Consolidated performance highlights
@ 2021 Consolidated performance highlights 2.328 MTL Growth + ( 21,1% SQ 12.537 m7 | @ Growth+ §§ 29,0% | ih? ral Net Debt/ EBITDA 2021: 3,54x \ Growth + | 23,0% 2021: 27 MTL 2020: 630 MTL \ LO Se 2 am = SSSR Periods of ULKER are restated due to Onem Gida acquisition. All numbers presented in this s
Slide 9: Snacking Sales Volume and Value Q4'20 vs Q4'21
Snacking Sales Volume (Ktons) 86 7 Q4'20 Q4'21 BISCUIT mCHOCOLATE mCAKE * Total snacking sales volume increased by 1.4% in Q4 due to the change in the channel mix and successful launches in all categories * Biscuit volume was up by 0,7% thanks to the contribution of international operations * Chocol
Slide 10: Consolidated volume and value performance FY'20 vs FY'21
@& Ulker’s consolidated volume and value performance FY’20 vs FY’21 Snacking Sales Volume (Ktons) C = FY'20 FY'21 mBISCUIT mCHOCOLATE mCAKE * Total snacking sales volume decreased by 2,0%. * Sales volume in biscuits and chocolates was down by 3,4%, and 0,6% respectively due to; * Covid 19 impact * P
Slide 11: Consolidated operational and financial performance
€ Consolidated operational and financial performance “O00) 4Q 2020 4Q 2021 } % | FY 2020 FY 2021 |» | Volume (Ton) 180.505 179.832 Snacking Volume 157.107 159,332 Other 23.398 20.500 Revenue 2.739.018 4.118.123 Snacking Revenue (2.651.141 3.991.933 Other 87.877 126.190 Gross Profit 824.926 1.234.535
Slide 12: Sustainability activities, employer brand projects and new product announcements
Sustainability activities, employer brand projects, special day communications and new product announcements continued. inovasyon lideri Ulker'e Stevie Ulustararas: is Gdillleri’nden 3 bdiil! 3 awards at Stevie International Business Awards post - October Ulker’s being chosen as lovemark post - Nove
Slide 13: First and only Turkish company in Sustainability Yearbook in food industry
Weare the first and only Turkish company listed in in food Industry based on the S&P Corporate Sustainability Assesment & ENVIRONMENT We achieved a 35,4% reduction VALUE CHAIN in water use per unit production In the value chain we work with a total of 2,250 suppliers, of which 2,138 are Our carbon e
Slide 14: VAGNASV
VAGNASV
Slide 15: 2021 Domestic market growth in Turkey
gg 2021 Domestic market growth in our key market -Turkey Total Snacking Chocolate Totalsnacking market Total chocolate down by 0,4% in 27,4% market up by 2,4% in volume terms and volume and increased by 26,5% in increased by 27,4% value terms in value terms -0,4% 2,4% nn PC VOLUME VALUE VOLUME VALUE
Slide 16: Turkey - Strong #1 in total snacking with 37% market share
@ Turkey - Strong #1 in total snacking with 37% market share Biscuits—41% Market Share #1} Chocolate-41% Market Share (#4)] Cake-19% Market Share #1in Petit Beurre #1in Creamy Biscuits 4 out of Top 5 in Chocolate Covered #1in Family Cake #1 in Special Biscuits #2 in Cracker #2 in Portion Muffin Coat
Slide 17: Turkey 2020 & 2021 Synergy products
@ Turkey-2020&2021 Synergy products
Slide 18: 2021 New Product Launches
2021 New Product Launches 18
Slide 19: 38% higher net sales and 39% higher EBITDA in Q4'21 in Turkey
@ Achieved to deliver 38% higher net sales and 39% higher EBITDA in Q4'21 in Turkey compared to Q4'20 Q4'20 421 * Snacking sales volume down by 2,4% and total volume decreased by 4,3% mainly driven by * Sizing and pricing activities * Change in the channel and product mix Snacking Volume jacking Sal
Slide 20: In 2021 Ülker continued to perform well in Turkey
& In 2021 Ulker continued to perform well in a challenging environment in the snacking market in Turkey Snacking Volume Snacking Sales Gross Profit EBITDA (X000 Tons) (Mtl) (Mtl) (Mtl) 7.082 1.789 il ; FY'20 FY'21 FY'20 FY'21 + Snacking sales volume contracted *Snacking revenue was up by by 3,7% and
Slide 21: Agenda: Export and International Operations
AGENDA Fo ) Export and International Operations
Slide 22: Saudi Arabia - Remarkable market performance, Position #1
@ Saudi Arabia - Remarkable market performance in a challenging environment- Position # 1 FMC Financial Review aps Biscuits Market Share a 1. 16,7% FY'20 FY'21 Change ’ 14,7% Sales Volume (tons) 49.509 46.920 -5,2% Net Sales(SAR x000) 743.159 698.994 -5,9% 8,1% EBITDA(SAR x000) 102.093 85.761 -16,0%
Slide 23: Saudi Arabia - IBC operations
& Saudi Arabia -— IBC operations %24 EBITDA in a contracting market nancial Review roduct Portfolio FY'20 FY'21 Change Sales Volume (tons) 13.859 13.184 -4,9% Net Sales(SAR x000) 168.700 162.630 -3,6% EBITDA(SAR x000) 44.408 38.451 -13,4% EBITDA Margin 26,3% 23,6% Sales volume and revenue decreased
Slide 24: Egypt - Achieved number #1 position in biscuits
@ Egypt - Achieved number #1 position in biscuits, target to be #2 in cake & top 5in chocolate Hi-food & Ulker Egypt Financial Review Biscuits Market Share FY'20 Fy'21 Change 14,7% Sales Volume (tons) 34.743 37.834 8,9% , 10,7% Net Sales(EGPx000) 1.288.001 1.506.094 16,9% EBITDA(EGPx000) 214.558 148
Slide 25: UI MENA Operations
@ UI MENA Operations UI MENA ancial Review 4 FY'20 FY'21 Change Sales Volume (tons) 11.778 11.071 -6,0% Net Sales(AED x000) 159.633 156.719 -1,8% EBITDA(AED x000) 55.663 58.741 5,5% EBITDA Margin 34,9% 37,5% * Volume declines mainly driven by the market contraction due to Covid 19 * Reshaping the tr
Slide 26: Kazakhstan - a bridge from east to west
@ Kazakhstan-a Bridge from east to west and our gate to Cental Asia Hamle Financial Review , Chocolate Market Share —_ 54,3% FY'20 FY'21 Change Sales Volume (tons) 16.798 17.952 6,9% Net Sales(KZTx000000) 19.357 21.956 13,4% 15,2% 13,7% EBITDA(KZTx000000) 2.812 3.090 9,9% a T 8,5% EBITDA Margin 14,5
Slide 27: International operations performance
® International operations performance Biscuits-25% M.Share Biscuits-19% M.Share i Chocolate-14% M.Share (#s #1in Plain #1in Filled #1 in Filled (Biskrem and Tamr brands) #1in Biscuits with Filling fs Poses Ba fe es #1Coated #2in Wafer #4 in Wafer #1in Digestives #2 in Countline #4 in Sandwich Bisc.
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Slide 29: Strong results in exports and international operations in 4Q'21
@ Strong results achieved in exports and international operations in 4Q’21 Snacking Volume Snacking Sales Gross Profit EBITDA (X000 Tons) (Mtl) (Mtl) (Mtl) s| 28 676 437 434 264 Q4'20 Q4'21 Q4'20 Q4'21 Q4'20 Q4'21 Q4'20 Q4'21 + Snacking volume increased by * Snacking revenue up by 66,2% * Gross Prof
Slide 30: Exports and international operations in FY'21
& Exports and international operations in FY’21 Snacking Volume Snacking Sales Gross Profit EBITDA (X000 Tons) (Mtl) (Mtl) (Mtl) 187 191 FY'20 FY'21 + Snacking volume increased by 1,8% and total volume increased by 0,8% thanks to the easing restrictions in export markets and successful launches Prio
Slide 31: Agenda: Balance Sheet Highlights
AGENDA Fos ] Balance Sheet Highlights
Slide 32: Consolidated Net Working Capital & Net Debt Position
@ Consolidated Net Working Capital & Net Debt Position Maturity Breakdown As Of December 2021 8.233 16% 3,54x 813 84% P04 December 2020 December 2021 =Short Term mLong Term Average Working Capital Days & Net Working Capital ng Cash Flow (Mtl) 630 27 A/R A/P INV December 2020 December 2021 December 2
Slide 33: Ülker Bisküvi - Largest snacking company in the region
© Ulker Biskiivi - Largest snacking company in the region a 5 Year CAGR 5 Year CAGR Ulker Net Sales EBITDA : 12.537 TDA Margin 2021 Sales 2021 Million TL 2021 Total Years of 2021 Reduction in Innovation Reduce Production Experience Production(1) Water Use Project Rejected Capacity(1) Packaging Ratio
Slide 34: Investor relations contact
@ Investor relations contact For further information please e-mail or call Beste Tasar Investor Relations Director ir@ulker.com.tr +90 (216) 524 2556 ® +90 (216) 524 2556 = é =_ beste.tasar@ulker.com.tr Ky ZN http://ulkerbiskuviyatirimciiliskileri.com
Slide 35: Disclaimer
This presentation contains information and analysis on financial statements and is prepared for the sole purpose of providing information relating to Ülker Bisküvi Sanayi A.Ş. (“Ülker”) This presentation contains forward-looking statements which are based on certain expectations and assumptions at t
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