Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri Sanayii A.Ş. — Q1 2016 Earnings Presentation
18 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2016
Slide 1: Pınar Süt Mamulleri Sanayii A.Ş. Earnings Presentation, 2016-Q1
PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, 2016-Q1
Slide 2: 2016-Q1 Highlights
1 2016-Q1│ Highlights The total dairy* market turnover grew by 5.5% and its volume increased by 3.6% in the first quarter of 2016, YoY. Except yoghurt, all categories achieved growth. Decline in unprocessed food prices affected decrease in Consumer price index (CPI) in the first quarter of 2016.
Slide 3: 2016-Q1 Dynamics
2 2016-Q1 │ Dynamics Annual Milk Production in Turkey Food Prices (m ton) • While the Processed Food Unprocessed Food Source: TSI processed food Year Milk Production inflation were 2002 8.4 increasing slightly, 2003 10.6 the unprocessed 2004 10.7 food inflation 2005 11.1 2006 12.0 decreased sharply
Slide 4: 2016-Q1 Dynamics: Raw Milk Prices
3 2016-Q1│ Dynamics TL 1.15 Raw Milk Prices 2014 2015 2016 1.20 TL • The raw milk base 1.00 TL price which is set by National Milk Council Source: National Milk Council, liter 0.80 TL has remained stable since July, 2014. In the first quarter of 2016, the raw milk base price remained at the same lev
Slide 5: 2016-Q1 Market
4 2016-Q1 │ Market Dairy Market* 830.0m TL 18.0% 17.6% 16.4% 820.0m TL 17.0% 16.0% 810.0m TL 15.0% • 800.0m TL 14.0% Measurable dairy market grew by 5.5% 790.0m TL 820.8m TL 13.0% 780.0m TL 12.0% and its volume increased to 3.6% in the 770.0m TL 760.0m TL 778.0m TL 11.0% first quarter of 2016. 10.0%
Slide 6: 2016-Q1 New Products
5 2016-Q1 │ New Products The new series including Cheddar, Mozzarella Cheese and Kashkaval Cheese in 20 gram packages launched. Pınar Go Portion Cheese
Slide 7: 2016-Q1 Income Statement
6 2016-Q1 │ Income Statement 31.03.2016 31.03.2015 Difference % Change (Million TL) Net Sales 273.9 239.4 34.5 14.4 Cost of goods Sold (219.6) (194.6) (25.1) 12.9 Gross Profit 54.3 44.9 9.4 21.0 R&D Expenses (2.3) (2.1) (0.3) 12.5 Sales, Distribution and Marketing (18.5) (15.3) (3.2) 20.7 Expenses G
Slide 8: 2016-Q1 Sales Breakdown
7 2016-Q1 │ Sales Breakdown 2% Direct Sales 9% Channels Export 12% 12% 86% YBP (Distribution Company) 79% 2015-Q1 2016-Q1 Net Sales Product Portfolio 2015-1Ç 2015-Q1 2016-1Ç 2016-Q1 Growth in traditional cheese segment
Slide 9: 2016-Q1 Sales Breakdown Export
8 2016-Q1 │ Sales Breakdown│ Export S.Arabia Exports UAE Breakdown Kuwait 21.7 26.6 by Country (%) Iraq 3.2 Cyprus 3.6 Qatar 3.9 Bahrain 12.7 4.2 Egypt 5.0 9.1 10.0 Oman Other 2012 2013 2014 2015 2016/03 Shares of exports in sales 10.1% 10.9% 12.0% 12.3% 12.1% The total export revenue was 10.5 m U
Slide 10: 2016-Q1 Sales and Profitability
9 2016-Q1│ Sales and Profitability Net Sales (m TL) Gross Profit (m TL) 200.0 18.6% 18.7% 19.8% 180.0 16.8% 16.1% 20.0% 160.0 140.0 15.0% 120.0 100.0 162.4 10.0% 940 1,011 80.0 150.9 157.7 810 60.0 5.0% 40.0 239 274 20.0 44.9 54.3 0.0 0.0% 2013 2014 2015 2015 Q1 2016 Q1 2013 2014 2015 2015 Q1 2016 Q
Slide 11: 2016-Q1 Profit Margins
10 2016-Q1│ Profit Margins Gross Profit EBIT 8.9% 19.8% 8.3% 18.6% 18.7% 16.8% 16.1% 16.7% 6.7% 5.8% 6.3% 5.3% 2013 2014 2015 1Q15 1Q16 4Q15 2013 2014 2015 1Q15 1Q16 4Q15 EBITDA* Net Profit 10.6% 11.3% 9.3% 9.7% 9.3% 9.2% 8.9% 8.7% 8.3% 7.7% 7.7% 6.2% 2013 2014 2015 1Q15 1Q16 4Q15 2013 2014 2015 1Q1
Slide 12: 2016-Q1 Investments
11 2016-Q1 │ Investments • The facility commenced its operations in May 2015. Şanlıurfa • 65 million TL CAPEX Factory Pınar Süt Raw Milk Processing Capacity (annually) Before After 600 m lt 710 m lt • Capable of producing dairy and juice products Total • 5.4 million TL capital expenditures were real
Slide 13: 2016-Q1 Ratios
12 2016-Q1 │ Ratios Focus on risk management Effective working capital management Strong balance sheet and liquidity Balance Sheet Ratios management 2012/12 2013/12 2014/12 2015/12 2016/03 Current Ratio 1.64 1.51 1.42 1.16 1.07 Leverage Ratio 0.29 0.30 0.32 0.34 0.39 Current Borrowings/Total 0
Slide 14: Strategies
13 Strategies 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 Gulf region Continuous marketing investment Growing above market growth rate
Slide 15: Ownership, Participations, Auditors
14 Ownership │ Participations│ Auditors Ownership Structure Auditors Financial Affairs Yaşar Holding A.Ş. 61% Price Waterhouse Coopers Free Float 39% Ernst&Young Production Participations Breau Veritas Participation İştirak Shareİştirak in Capital % % Oranı TSE Yaşar Birleşik Pazarlama A.Ş. 31,8 Bin
Slide 16: 2016-Q1 Stock Performance
15 2016-Q1 │ Stock Performance Relative to XUTUM PNSUT (TL) (TL) Corporate Governance Rating : 9.18 Borsa İstanbul Ticker Symbol: PNSUT Date of Listing : 03.02.1986 15
Slide 17: Disclaimer and Contact Information
16 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-l
Slide 18: Thank you!
Thank you! cS"
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