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

Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri Sanayii A.Ş. — Q1 2014 Earnings Presentation

25 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2014

  1. Slide 1: Earnings Presentation, 2014 Q1

    PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, 2014 Q1

  2. Slide 2: Highlights

    Highlights • Innovator and pioneer • Most admired company in •YBP – Turkey’s biggest Turkey* nationwide cold and frozen • More than 200 SKUs distribution chain • Closest brand to mothers** • R&D expertise • Best fruit juice brand*** •More than 150.000 sales points • One of the top ten most •Technica

  3. Slide 3: Market Dynamics

    Market Dynamics Share of Packaged Milk  Annual raw milk production is 770 m tons in the World (+%2,7 growth in 2012), and around 17,4 m tons in Turkey (2012 growth %15,6 ) (Source: USK, FAO, TUİK), 32% 34% 39% 44% 48% 52% 55% 58% 60%  The amount of milk produced in our country is increasing in 61%

  4. Slide 4: Market Dynamics - II

    Market Dynamics - II UHT Milk Market (Volume) 100% 93,0% 75% 50% 25% 4,7% 0,6% 0,2% 0,9% 0,6% 0% Total Cheese Market (Value) Source: IPSOS, 2013 Others; 10% Spreadable Yellow Cheese; Cheese; 15% 40% White Cheese; 35% Source: Nielsen, 2013 3

  5. Slide 5: Market Dynamics - III

    Market Dynamics - III Price of Food Products Raw Milk Base Prices in Turkey (TL/lt) Processed Food Food Prices (% change) Unprocessed Food 2014 2013 2012 A slight decline in 1,25 TL 2014 Q1 in 1,10 TL unprocessed food 0,95 TL prices 0,80 TL 0,65 TL 0,50 TL J A J O Row Milk Base Prices Source: Penetr

  6. Slide 6: Market Shares - I

    Market Shares - I 3,0 20,0% 17,6% 17,1% 16,8% Product Share Position 15,0% UHT Light Milk 61% #1 2,0 Total UHT Milk 31% #1 10,0% Organic Milk * 92% #1 2,8 2,9 1,0 Enriched Milk (Kids) 55% #1 5,0% 0,7 Butter 18% #2 0,0 0,0% Homogenized Yoghurt 11% #3 2012 2013 1Ç-2014 Q1 Spreadable Cheese 38% #1 Süt

  7. Slide 7: Market Shares - II

    Market Shares - II 64,2% 64,5% 61,1% UHT UHTLight LightSüt Milk 57,0% (Lider) Total UHT Milk Toplam UHT 41,8% Süt (Lider) 39,2% 37,8% 35,4% Spreadable 30,1% 31,8% Sürülebilir 30,8% Cheese 29,5% Peynir (Lider) 18,4% Tereyağı Butter 17,0% 17,2% 16,8% (İkinci) 11,0% 10,6% 10,8% 10,1% Homogenized Homoje

  8. Slide 8: New Products

    New Products Kremilla Custard Chocolate Latte 7

  9. Slide 9: Campaigns - I

    Campaigns - I Fruit Juices Television

  10. Slide 10: Campaigns - II

    Campaigns - II Pınar Cream Cheese, Pınar Beyaz Chocolate and Pınar Labaneh

  11. Slide 11: Campaigns - III

    Campaigns - III Kremilla izlesene.com Outdoor

  12. Slide 12: Export

    Export  Pınar realizes 16% of Turkey’s Dairy Products Exports itself Breakdown of Net Sales (2014 Q1)  Export income was icreased by %44 in USD in 2014 Q1, Direct; Yoy. 6%  Exports to 28 different countries which are Middle East, Europe, Export; USA and Asia. In 2013 Morocco and Greece joined int

  13. Slide 13: Şanlıurfa Investment

    Şanlıurfa Investment  Pınar Süt Şanlıurfa plant, which will be established on a land of 100 thousand m²  Raw milk collected from Şanlıurfa and cities around it  The milk and dairy products will be produced in the factory. The product range will be expanded depending on the needs.  The benefits f

  14. Slide 14: Financial Results

    PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Financial Results

  15. Slide 15: Sales and Profitability

    Sales and Profitability Net Sales (mn TL) Net Profit (Mn TL) 1Q13 1Q14 1Q13 1Q14 EBITDA* (Mn TL)  In 2014 Q1, compared to 2013 Q1, the net sales have grown by %16.3, in both value and volume terms. Growth in volume terms is by %2,5.  The reflection of rising raw milk price into sale prices and imp

  16. Slide 16: Income Statement

    Income Statement (Million TL) March 31, 2014 March 31, 2013 Difference % Change Net Sales 223,7 192,3 31,4 16,3 Cost of goods Sold (181,8) (149,9) (31,9) 21,3 Gross Profit 41,9 42,4 (0,5) (1,2) R&D Expenses (1,7) (1,7) 0,0 (0,5) Sales, Distribution and MarketingExpenses (15,2) (15,4) 0,3 (1,6) Gener

  17. Slide 17: Profit Margins

    Profit Margins Gross Margin EBIT* 22,0% 20,5% 19,9% 10,5% 18,6% 18,7% 9,2% 16,4% 8,1% 7,3% 6,7% 5,6% 2011 2012 2013 1Q13 1Q14 4Q13 2011 2012 2013 1Q13 1Q14 4Q13 EBITDA** Net Profit 13,0% 11,2% 10,7% 11,4% 9,6% 9,3% 10,0% 7,9% 8,3% 8,1% 8,9% 7,9% 2011 2012 2013 1Q13 1Q14 4Q13 2011 2012 2013 1Q13 1Q14

  18. Slide 18: Quarterly Results

    Quarterly Results Net Sales (Mn TL)  In 1Q14, sales rose either compared to 1Q13 (16%) 224 or to 4Q13 (7%). 210 192  Taking advantage of Şanlıurfa Investment and increased association revenues improved the net profit margin, compared to 1Q13 in 1Q14. EBITDA* (Mn TL) 1Q13 1Q14 4Q13 21,6 22,3 15,7 

  19. Slide 19: Basic Ratios, Net Financial Debt & Net Working Capital

    Basic Ratios, Net Financial Debt& Net Working Capital March 31, 2014 December 31, 2013 March 31, 2014 December 31, 2013 (Million TL) Current ratio 1,26 1,51 Cash & Cash Equivalents 4,59 0,82 Leverage ratio 0,36 0,30 S/T Bank Borrowings 5,55 4,53 S/T Fin Debt/T. Fin Debt 0,41 1,00 L/T Bank Borrowings

  20. Slide 20: Dividends

    Dividends 89,4% 89,9% 78,2% 88,2% 84,6% 69,2% 79,7% 70,9% 1,22 TL 0,96 TL 0,96 TL 0,88 TL 0,59 TL 0,37 TL 19,6% 0,32 TL 5,1% 10,7% 7,1% 0,08 TL 7,7% 5,9% 8,7% 0,13 TL 5,8% 4,7% 3,3% 2004 2005 2006 2007 2008 2009 2010 2011 2012 Dividends Hisse PerTemettü Başı Net Share PayoutÖdeme Temettü Ratio Oranı

  21. Slide 21: Overview of 2014 Q1

    Overview of 2014 Q1  The fluctuation in raw milk prices has decreased depending on the method applied by National Milk Council; On the other hand, the raw milk base price was at higher level by %16,7 in 2014 Q1 when compared to 2013 Q1.  In line with our growth strategy, the foundation of 3rd Faci

  22. Slide 22: Strategies and Targets

    Strategies and Targets  Growing above market growth rates in the segments we operate in, with ;  Effective price management  Widespread distribution network  Efficient utilization of social media  Developments in “Away From Home” channel  Increasing export sales also in countries falling outsi

  23. Slide 23: Ownership & Participation Structure, Share Performance

    Ownership & Participation Structure Share Performance Shareholder Structure Share Performance Relative and Absolute Performance of Pınar Süt Shares 31.12.2010 = 100 Free Float %31,8 %44,9 %30,5 %12,6 %5,5 %8,8 22

  24. Slide 24: 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

  25. Slide 25: Thank You

    Thank You

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