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
Slide 1: Earnings Presentation, 2014 Q1
PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, 2014 Q1
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
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%
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
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
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
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
Slide 8: New Products
New Products Kremilla Custard Chocolate Latte 7
Slide 9: Campaigns - I
Campaigns - I Fruit Juices Television
Slide 10: Campaigns - II
Campaigns - II Pınar Cream Cheese, Pınar Beyaz Chocolate and Pınar Labaneh
Slide 11: Campaigns - III
Campaigns - III Kremilla izlesene.com Outdoor
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
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
Slide 14: Financial Results
PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Financial Results
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
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
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
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
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
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
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
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
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
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
Slide 25: Thank You
Thank You
Pınar Süt Mamulleri Sanayii A.Ş. — Q1 2014 Earnings Presentation on 6ix