Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri San. A.Ş. — FY2011 Earnings Presentation
28 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2012
Slide 1: Pınar Süt 2011 Earnings Presentation
PINAR SÜT MAMULLERİ SAN. A.Ş 2011 Earnings Presentation
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 sectoral • Among top 4 brands Turkish know-how consumers feel closes
Slide 3: Market Dynamics
Market Dynamics ► Annual raw milk production is 714 million tons in the world; about 13 million tons in Turkey, Source:Tetrapak, National Milk Council ► Turkey is 15th in world’s league, ► Growth is expected in the milk production/import of developing and growing countries. ►Global milk market reach
Slide 4: Market Dynamics - II
Market Dynamics - II FMCG Value Growth (ex. tobacco) Raw Milk Base Price in Turkey (TL/lt) 8% Real growth 6,3% 0,95 TL 2009 2010 2011 4% 3,1% 2,6% 0,80 TL 0,3% 0% 0,65 TL 2008 2009 2010 2011 Food category which has increased its share within 0,50 TL FMCG from %46 to %48 through a value growth in 201
Slide 5: Ahead of competition
Ahead of competition There are national (e.g. Sutas, Ulker) and multinational (e.g. Nestle) competitors. Source: Nielsen, 2011 - Value Share Süt Ürünleri Pazarı (milyar TL) Pınar Ciro Payı Products Market Share Position 3,0 20% UHT Light Milk 64% Leader 16,8% 18,1% 16,1% Total UHT Milk 30% Leader 2,
Slide 6: Ahead of competition - II
Ahead of competition - II 100% UHT Light Süt (Lider) 100% 100% 100% Toplam UHT Süt (Lider) 81% 78% 80% 75% Organik Süt (Lider&Tek) 64% Zenginleştirilmiş Süt 60% 59% (Çocuk) (Lider) 60% Tereyağı (İkinci) 54% 53% 55% 54% Homojenize Yoğurt 39% 50% (Üçüncü) 40% Sürülebilir Peynir (Lider) 41% 32% 27% 32%
Slide 7: New Launches & Product Differentiations
New Launches & Product Differentiations NEW TASTES PRODUCT DIFFERENTIATIONS NEW PACKAGE CATEGORY CREATING DESIGNS PRODUCTS New tastes that respond to market tastes , reinforcing our expertise. New launches for different consumer segments. Multipackages and promotions providing convenience for consum
Slide 8: Marketing Campaigns
Marketing Campaigns Pınar Child Milk “Story of Three Generations” has invited consumers to the campaign via renewed web site and new Facebook applications, Marketing campaigns have continued starting from 31 Jan 2011. Two new consumer movies have been in profitable and strategic categories. produced
Slide 9: Product Groups & Sales Channels
Product Groups & Sales Channels Products Groups (2011) Net Sales Sauce; 5% Others; 6% Fruit Juice; 6% Milk; 38% Butter; 6% Yoghurt & Sales Channels (2011) Ayran; 13% Direct Export Cheese; 27% 5% 8% YBP 87% 8 Pınar Süt
Slide 10: Growth in Sales
Growth in Sales Growth Rates of Product Groups 14% 300 2010 2011 250 13% 200 150 2% 17% 9% 100 24% 29% 50 Million TL 0 Sos Diğer Meyve Tereyağ Yoğurt ve Peynir Süt Suyu Ayran Net Sales has grown by 12,8% in 2011. 9 Pınar Süt
Slide 11: Export
Export Pınar realizes 17% of Turkey’s Dairy Products Exports bu Foreign Sales by Countries (2011) itself Others; 13% UAE; 9% Export to 29 countries from Middle East to Europe, from Bahrain; 3% Azerbaijan; U.S.A. to Asia 4% Qatar; 4% Market leader in Saudi Arabia and Kuwait with Packaged Labaneh Chee
Slide 12: Corporate Governance Rating
CORPORATE GOVERNANCE RATING Pınar Süt is assigned a rating score of 8.34 (%83.43), on 24 November 2011, over 10.0 by SAHA Corporate Governance Rating Company (SAHA A.Ş.) which is licensed by th Turkish Capial Markets Board of Turkey (CMB). Based on this report ,the company has been accepted to be on
Slide 13: Financial Results
FINANCIAL RESULTS
Slide 14: Sales and Profitability
Sales and Profitability Net Sales (Mn TL) Net Profit (Mn TL) 651,1 72,9 577,1 60,1 57,8 482,8 480,7 451,6 39,7 34,2 CAGR +10% CAGR +16% 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 EBITDA* (Mn TL) Our sales grew by %11, in volume terms, in 2011. 84,6 In accordance with our strategies, we have f
Slide 15: Income Statement
Income Statement (Million TL) 31.12.2011 31.12.2010 Fark % Değişim Net Sales 651,1 577,1 74,0 12,8 Cost of goods Sold (517,3) (473,2) (44,1) 9,3 Gross Profit 133,8 103,8 30,0 28,8 R&D Expenses (5,6) (4,7) (0,9) 19,5 Sales, Distribution and Marketing Expens (35,3) (28,5) (6,8) 23,8 General Administra
Slide 16: Growth Analysis
Growth Analysis %0,9 %1,8 %10,1 %12,8 651,1 577,1 2010 Miktar Fiyat ve Ürün Kur 2011 Miksi Net Sales – Million TL Pınar Süt
Slide 17: Profit Margins
Profit Margins Gross Profit Margins(%) Operating Margins* (%) 22,1% 21,6% 20,5% 19,5% 11,7% 10,7% 18,0% 17,7% 10,5% 8,4% 7,9% 7,2% 2009 2010 2011 4Q10 4Q11 3Q11 2009 2010 2011 4Q10 4Q11 3Q11 EBITDA Margins ** (%) Net Profit Margins (%) 14,7% 13,0% 13,0% 12,0% 10,4% 11,2% 11,0% 10,2% 10,3% 10,2% 7,8%
Slide 18: Quarterly Results
Quarterly Results Net Sales (Mn TL) 177 175 ►Our net sales grew in 4Q11 compared to both 147 4Q10 by 20%. ►Ongoing selective price policy and lower raw milk %20 %1 prices made a positive effect on our profit margins in 2011. 4Q10 4Q11 3Q11 EBITDA* (Mn TL) ►Raw milk prices declined in 1Q11 and stayed
Slide 19: Basic Ratios, Net Financial Debt & Net Working Capital
Basic Ratios, Net Financial Debt & Net Working Capital December 31, 2011 December 31, 2010 (Million TL) December 31, 2011 December 31, 2010 Current ratio 1,81 1,92 Cash & Cash Equivalents 4,99 17,21 Leverage ratio 0,30 0,28 S/T Bank Borrowings 20,45 1,93 S/T Fin Debt/T. Fin Debt 0,58 0,13 L/T Bank B
Slide 20: Overview of 2011
Overview of 2011 ►In 2011 , we have achieved a sales growth of 12,8% (2011 Target: %10-%12) and an EBITDA Margin of 13,0% (2011 Target: %11-%12), which are both beyond our announced targets. ►Raw milk prices diminished in 1H2011 , however gone up somewhat in the second half. ► Low levels of raw milk
Slide 21: Strategies and Targets
Strategies and Targets Growing above market growth rates in the segments we operate in, with ; Effective price management Product portfolio targeting consumers in various segments Widespread distribution network Efficient utilization of social media Concentration on “Away From Home” channel Increasi
Slide 22: Ownership & Participation Structure, Share Performance
Ownership & Participation Structure Share Performance Relative and Absolute Performance of Pınar Süt Shares 147,65 160 25 140 Free 120 20 Float 100 15 80 18,65 60 10 40 5 20 - 0 Ara 10 Mar 11 Tem 11 Eki 11 Oca 12 İMKB-100'e Göre Relative to PNSUT(left ISE-100 (sol eksen) axis) PNSUT PNSUT (sağ eksen
Slide 23: 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 24: Thank you.
Thank you.
Slide 25: Appendix
APPENDIX 3) (2
Slide 26: Company History
Company History 2010 Pioneer and Leader of Modern Turkish Dairy 2005 1975... 2003 Pınar Kido First organic milk in 2011 The first UHT milk and 1997 Agreement with with Biscuit, Türkiye, Pınar Organic Sodima SAS for the Pınar Çocuk Cream packaged dairy products Pınar SÜT new plant Milk, probiotic pla
Slide 27: Supply - Raw Milk Collection Process
Supply - Raw Milk Collection Process LOCAL PROUCERS Keen focus on milk collection processes: FARMS Route optimization; increase in truck fill rate and L/km rate (TL 1m cost savings) VILLAGES COOPS TRADERS Successful Raw milk supply constitutes an important entry barrier to potential competitors COOL
Slide 28: Sales & Distribution
Sales & Distribution Yaşar Birleşik Pazarlama; Turkey’s biggest nationwide cold & frozen distribution chain The distribution of food & beverage products are realized in -18˚C vehicles for frozen products, +4˚C vehicles for fresh products and classic vehicles for the rest The know-how and strong trac
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