Tat Gida Sanayi A.s. · BIST:TATGD
Tat Gida Sanayi A.s — Tat Gıda — Q3 2024 Earnings Presentation
23 slides from Tat Gida Sanayi A.s's earnings presentation, November 2024
Slide 1: Tat Gıda 3Q 2024 Financial Results
Tat Gıda 3Q 2024 Financial Results November 2024
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions. In
Slide 3: Agenda
1 Tat Gıda in Brief 2 3Q 2024 Financial Results 3 Appendix Agenda
Slide 4: Tat Gıda in Brief
1 Tat Gıda in Brief Tka ttık ar a T A atl #hay Tat’s Mission: We exist to lead the change that will deliver good and healthy food for all!
Slide 5: Competitive Advantage in Operational Processes from Farm to Fork
Competitive Advantage in Operational Processes from Farm to Fork High-Capacity, Leading Extensive Supply Chain Strong Brand Equity Production Facilities and Distribution Network and Sales Channels Ø Leader in tomato processing, with high Ø Türkiye’s globe-wide advantageous Ø Strong brand equity in d
Slide 6: Türkiye's Leading Tomato Paste Manufacturer
Türkiye’s Leading Tomato Paste Manufacturer Tomato Tomato Pepper Ready to Products Ketchup Mayonnaise Pickle Products Paste Paste Serve Türkiye Market Ranking 2 1 2 2 3 1 3 Tat Gıda 38.4% 20.7% 13.6% 16.2% 11.2% 21.5% 12.5% Türkiye Revenue Share *Market shares are based on Nielsen 9M 2024 Report (Pi
Slide 7: Change in Shareholder Structure
Change in Shareholder Structure From Koç Group To Memişoğlu Tarım Share Transfer Tat Gıda Shares Owned By Koç Group1 Koç Memişoğlu • 49.04% share of Tat Gıda Float Tarım Float Holding capital: 41.40% 49.84% 40.60% USD80,915,335.72 dollars 43.70% • 15 redeemed shares Koç Group Shared Owned By Tat Gıd
Slide 8: 3Q 2024 Financial Results
Gp 2 3Q 2024 Financial Results
Slide 9: Global Tomato Processing Increase, While Reference Price Decreases
Global Tomato Processing Increase, While Reference Price Decreases Global Tomato Processing (000 ton) & Price (USD) Regional Breakdown (2023 & 2024E) Tomato Processing & Cost (USD) in Türkiye 2017 - 2024 CAGR: 7.2% 44,416 45,785 2024E 11% 38,402 39,184 37,206 7% 37,769 38,398 34,803 11% 37% 8.8% 7%
Slide 10: Investments to Grow in Unsaturated Product Categories Bear Fruits
Investments to Grow in Unsaturated Product Categories Bear Fruits Tat Gıda Tomato Processing (000 tons) Production Breakdown (9M23 & 9M24) Production and Sales Volume (000 tons) 2019 - 2024 CAGR: 4.0% 9M24 6% -3.6% 3% 7% 8% 4%5% -8.1% 7.3% 17% 17% 9M23 1 6 0 ,0 543 3 0 ,0 % 135 130 1 5 0 ,0 503 1 4
Slide 11: Continuous Growth in Export Revenues With Expansion Efforts in New Markets
Continuous Growth in Export Revenues With Expansion Efforts in New Markets Export Revenues (TL mln) and Share (%) Increase in Export Share in 3Q 2023 vs 3Q 2024 USD Denominated Export Revenues CAGR: 41.5% 0.5% 3Q 2024 34% -14.4% 10.5% 30% 1,852 1,862 2 .0 0 1 .9 0 1 .9 1 1 8 7 0 .9 1 .9 1 .9 1 1 .9
Slide 12: Increasing Trend in Operational Profitability Continued in 3Q 2024
Increasing Trend in Operational Profitability Continued in 3Q 2024 Total Revenues (TL mln) COGS (TL mln) & Gross Profit Margin (%) EBITDA (TL mln) & EBITDA Margin (%) -22.4% -24.2% -29.9% -25.0% -32.0% n.m. 6,104 6 6 6 6 6 6 6 6 0 .5 6 .4 8 .4 7 .4 6 .4 3 .4 2 .4 0 6 .4 9 .3 ,7 0 ,4 ,1 ,8 ,5,, 0 ,2
Slide 13: Monetary Loss Stemming From Inflation Indexation Resulted in Net Loss
Monetary Loss Stemming From Inflation Indexation Resulted in Net Loss Net Profit / (Loss) (TL mln) 9M23 – 9M24 Net Profit / Loss Evolution (TL million) n.m. 212 -201 277 3 0 ,0 632.1% -120 2 9 0 ,0 10 2 2 8 0 ,0 2 7 0 ,0 277 2 6 0 ,0 2 5 0 ,0 -703 2 4 0 ,0 2 3 0 ,0 2 2 0 ,0 2 1 0 ,0 2 0 ,0 1 9 0 ,0
Slide 14: Net Financial Debt Decreased in 9M 2024
Net Financial Debt Decreased in 9M 2024 BALANCE SHEET CASH – DEBT COMPOSITION (TL mln) CASH TOTAL DEBT (TL mln) December 31, 2023 September 30, 2024 FX Current Assets 6,691.6 5,616.5 TL Non Current Assets 2,285.4 2,243.7 56% 44% 33.4 3,041.6 TOTAL ASSETS 8,977.0 7,860.2 44% 56% Short Term Liabilitie
Slide 15: New Era at Tat Gıda: Restructure, Focus, Grow
New Era at Tat Gıda 2019 - 2021 2021 - 2023 2024 …. Restructure Focus Grow Ø PASTAVILLA brand sale and halt of Ø Impact on production volume of new Ø €10 million capacity increase investments to production: tomato processing and pickle be commissioned in 2024 & 2025 • Transaction Value: USD1.4 milli
Slide 16: Appendix Financial Indicators
3 Appendix Financial Indicators
Slide 17: Summary Balance Sheet
SUMMARY BALANCE SHEET BALANCE SHEET (TL) December 31, 2023 September 30, 2024 Cash and Cash Equivalents 125,929,175 33,432,446 Trade Receivables 1,819,577,073 1,286,000,890 Inventories 4,180,200,685 3,738,046,368 Total Current Assets 6,691,639,601 5,616,543,576 Total Non Current Assets 2,285,406,325
Slide 18: Summary Income Statement
SUMMARY INCOME STATEMENT INCOME STATEMENT (TL) 9M 2023 9M 2024 % Change 3Q 2023 3Q 2024 % Change 2Q 2024 Revenue 6,104,002,427 4,738,968,322 -22.4% 1,867,952,149 1,400,627,759 -25.0% 1,519,489,979 Domestic sales (net) 4,252,012,033 2,877,213,316 -32.3% 1,311,325,941 924,064,624 -29.5% 871,617,962 Ex
Slide 19: Appendix Historical Financial Indicators
4 Appendix Historical Financial Indicators
Slide 20: In 3Q 2024, Price Pressure in Global Markets, Demand Pressure in Turkey Continued
In 3Q 2024, Price Pressure in Global Markets, Demand Pressure in Turkey Continued Total Revenues (TL mln) Domestic Revenues (TL mln) and Share (%) Export Revenues (TL mln) and Share (%) 27.2% 11.3% 64.5% 1,626 6 .0 ,8 0 0 33.1% 5 5 5 8 .9 7 .9 6 .9 ,6 ,4 ,2 0 0 0 8.3% 5 5 .9 5 5 4 .9 2 .9 ,0 ,8 ,6 0
Slide 21: Rising Production Costs Adversely Affected Operational Profitability in 3Q 2024
Rising Production Costs Adversely Affected Operational Profitability in 3Q 2024 COGS (TL mln) & Gross Profit Margin (%) EBITDA (TL mln) & EBITDA Margin (%) Net Debt / EBITDA – Net Debt Multiplier 30.2% 5.7% 35.2% 1 .0 0 , 0 9 9 0 ,0 1.5% 9 8 0 ,0 26.2% 9 7 0 ,0 3,180 22.6% 9 6 0 ,0 6 0 , 0 % 3 3 0 .
Slide 22: Net Loss Caused by Declining Operational Profitability and Rising Financial Expenses
Net Loss Caused by Declining Operational Profitability and Rising Financial Expenses Net Profit / (Loss) (TL mln) 9M23 – 9M24 Net Profit / Loss Evolution (TL million) n.m. 195 2 1 0 ,0 2 0 ,0 n.m. 1 9 0 ,0 1 8 0 ,0 161 1 7 0 ,0 1 6 0 ,0 -152 1 5 0 ,0 1 4 0 ,0 1 3 0 ,0 195 12 1 2 0 ,0 -9 -351 1 1 0 ,
Slide 23: Thank You
Thank You For further questions please contact: yatirimciiliskileri@tat.com.tr Tat Gıda A.Ş. Taşdelen Mahallesi Sırrı Çelik Bulvarı No: 7 Çekmeköy - İstanbul www.tatgida.com.tr/en/ 23