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

Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri San. A.Ş. — H1 2013 Earnings Presentation

30 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2013

  1. Slide 1: 2013 H1 Earnings Presentation

    PINAR SÜT MAMULLERİ SAN. A.Ş 2013 H1 Earnings Presentation

  2. Slide 2: Pınar Süt Highlights

    Pınar Süt Highlights •Innovator and pioneer • #1 brand that comes to mind* •Hygienic and EU standard •More than 200 SKUs • Best brand in dairy ** production •R&D expertise • Most sincere milk brand *** •Technical Expertise and • Among top 4 brands Turkish sectoral know-how consumers feel closest to*

  3. Slide 3: Market Dynamics - I

    Market Dynamics - I  Annual raw milk production is 750 mn tons in the Percentage of Packaged Milk World (2012 increase %2,7), and around 16,9 mn tons in Turkey (2012 increase %12 (Source:FAO, TUİK), 32% 34% 39% 44% 48% 52% 55% 58% 60%  The amount of milk produced in our country is 61% 61% increasi

  4. Slide 4: Market Dynamics - II

    Market Dynamics - II Processed Food Products Prices Base Raw Milk Prices in Turkey (TL/lt) 2013 2012 2011 2010 1,10 TL 0,95 TL As opposed to the downward trend whch has started in 2013 0,80 TL for processed milk and meat products, upon the 0,65 TL enforcement of the Turkish Food Codex Notification,

  5. Slide 5: Market Shares - I

    Market Shares - I Total Dairy Products (bn TL) Pınar Market Share (value) Products Market Share Position 3,0 17,9% 17,5% 20% UHT Light Milk 62% Leader 17,0% 16,4% Total UHT Milk 30% Leader 15% 2,0 Organic Milk * 90% Leader 2,8 2,9 10% Enriched Milk (Kids) 54% Leader 2,7 1,0 Butter 17% Second 1,4 5%

  6. Slide 6: Market Shares - II

    Market Shares - II 64,2% 64,5% 60,3% 58,9% UHT Light 61,8% Milk Total UHT 40,9% 41,8% Milk 39,0% 39,2% 38,0% 31,8% Spreadabl 27,1% 30,1% e Cheese 26,7% 30,0% 16,9% 18,4% 17,0% 17,2% Butter 16,7% 9,8% 10,9% 11,0% 10,1% 10,0% Homogeni zed Yoghurt 2009 2010 2011 2012 2013 H1 Source: Nielsen – Value Sha

  7. Slide 7: New Launches & Product Differentiations

    New Launches & Product Differentiations Çikola Latte New tastes that respond to market tastes , reinforcing our expertise. New launches for different consumer segments. Multipackages and promotions providing convenience for consumers. 6 Pınar Süt – 2013-H1

  8. Slide 8: Pınar Beyaz Çikolatalı Campaign

    Pınar Beyaz Çikolatalı Campaign Tv Ads Pınar Süt – 2013-H1

  9. Slide 9: Pınar Beyaz Campaign

    Pınar Beyaz Campaign 8 Pınar Süt – 2013-H1

  10. Slide 10: Pınar Labne Campaign

    Pınar Labne Campaign facebook.com/pinarlabne TV 9 Pınar Süt – 2013-H1

  11. Slide 11: Pınar Cream/Triangle Cheese Campaign

    Pınar Cream/Triangle Cheese Campaign 10 Pınar Süt – 2013-H1

  12. Slide 12: Pınar Kido Campaign

    Pınar Kido Campaign Ads Pınar Süt – 2013-H1

  13. Slide 13: Pınar UHT Milk Campaign

    Pınar UHT Milk Campaign Tv Ads Classic Package Pınar Süt – 2013-H1

  14. Slide 14: Product Groups & Sales Channels

    Product Groups & Sales Channels Net Sales by Product Groups (2013 H1) Sauce Others 4% 7% Fruit Juice Milk 7% 37% Butter 7% Yoghurt & Ayran Net Sales by Sales Channels (2013 H1) 11% Direct Cheese Export 27% 10% 7% YBP 83% 13 Pınar Süt – 2013-H1

  15. Slide 15: Growth in Sales

    Growth in Sales Growth Rates of Product Groups 7% 2012 H1 2013 H1 5% 3% 10% 10% 11% 1% Sauce Butter Fruit Juice Others Yoghurt & Cheese Milk Ayran Net Sales have grown by 8,6% in 2013 H1. 14 Pınar Süt – 2013-H1

  16. Slide 16: Export

    Export  Pınar realizes 22% of Turkey’s Dairy Products Exports itself Foreign Sales by Countries (2013 H1)  Export income was increased by %12 in terms of USD. Bahrein S.Arabia Qatar 3% 27%  Exports to 29 different countries which are Middle East, Europe, USA 4% Others Libya 11% and Asia. In 2012

  17. Slide 17: Şanlıurfa Investment

    Şanlıurfa Investment  Pınar Süt Şanlıurfa plant, which will be established on a land of 100 thousand m², will have a capacity of 180 million litres/year with raw milk collected from Şanlıurfa and cities around it.  The milk and dairy products will be produced in the factory. The product range will

  18. Slide 18: Financial Results

    FINANCIAL RESULTS * Yasam ens

  19. Slide 19: Sales and Profitability

    Sales and Profitability Net Sales (Mn TL) Net Profit (Mn TL) 727,1 72,9 651,1 577,1 57,8 60,1 54,8 482,8 480,7 361,4 392,4 %7,8 %7,8 34,2 30,5 CAGR %11 28,2 %8,6 2008 2009 2010 2011 2012 12H1 13H1 2008 2009 2010 2011 2012 12H1 13H1 In 2013 1H sales have grown by %8,6, in both value and EBITDA* (Mn

  20. Slide 20: Income Statement

    Income Statement 30.06.2013 30.06.2012 Difference % Change (Million TL) Net Sales 392,4 361,4 30,9 8,6 Cost of goods Sold (310,7) (293,2) (17,4) 5,9 Gross Profit 81,7 68,2 13,5 19,8 R&D Expenses (3,9) (3,4) (0,4) 12,7 Sales, Distribution and MarketingExpenses (33,8) (27,0) (6,8) 25,1 General Adminis

  21. Slide 21: Growth Analysis

    Growth Analysis %6,9 %0,2 %8,6 %1,5 392,4 Mn TL 361,4 Mn TL 2012 1Y H1 Miktar Fiyat ve Kur 2013 1Y H1 Ürün Miksi Pınar Süt – 2013-H1

  22. Slide 22: Profit Margins

    Profit Margins Gross Profit Margins(%) Operating Margins* (%) 20,5% 22,0% 10,5% 19,9% 19,6% 9,2% 18,0% 17,0% 8,4% 6,8% 6,1% 5,4% 2010 2011 2012 2Q12 2Q13 1Q13 2010 2011 2012 2Q12 2Q13 1Q13 EBITDA Margins ** (%) Net Profit Margins (%) 13,0% 10,4% 11,2% 11,0% 11,4% 9,3% 8,1% 7,5% 7,4% 8,2% 6,5% 6,8% 2

  23. Slide 23: Quarterly Results

    Quarterly Results Net Sales (Mn TL) ►In 2Q 2013, sales rose either compared to 1Q2013 (4%) 200 or to 2Q 2012 (8,2%). 185 192 ►The increase in gross margin in In 2Q2013, is attributable to sales price increases and value added products focus. EBITDA* (Mn TL) 22 2Q12 2Q13 1Q13 16 12 ►Price competition

  24. Slide 24: Basic Ratios, Net Financial Debt & Net Working Capital

    Basic Ratios, Net Financial Debt & Net Working Capital June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012 (Million TL) Current ratio 1,45 1,41 Cash & Cash Equivalents 2,51 1,30 Leverage ratio 0,32 0,36 S/T Bank Borrowings 18,96 19,36 S/T Fin Debt/T. Fin Debt 1,00 0,58 L/T Bank Borrowings 0,00 1

  25. Slide 25: Dividends

    Dividends 89,4% 89,90% 88,2% 84,6% 78,2% 79,7% 69,2% 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 Başı NetPer Share Temettü PayoutÖdeme Temettü RatioOranı

  26. Slide 26: Overview of 2013 1H

    Overview of 2013 1H ►Volatiliy in the raw milk prices was decreased as a result of National Milk Council’s base price system. However, raw milk prices were 12% above those of 2012 1H, in 2013 1H. ► Following our strategy of increasing our market shares we have focused on marketing investments in 201

  27. Slide 27: 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 outside

  28. Slide 28: Ownership & Participation Structure Share Performance

    Ownership & Participation Structure Share Performance Ownership Share Performance 31.12.2010 = 100 Relative and Absolute Performance Free ofPınar of PınarSüt Et Shares Shares Float 160 20,00 16,80 140 120 15,00 100 80 105,85 10,00 60 40 5,00 20 - 0,00 İMKB-TÜM'e Relative göre (sol eksen) to ISE-TUM

  29. Slide 29: 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

  30. Slide 30: Thank You

    Thank You

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