Tat Gida Sanayi A.s. · BIST:TATGD
Tat Gida Sanayi A.s — Tat Gıda Sanayi A.Ş. — 9M2022 Earnings Presentation
20 slides from Tat Gida Sanayi A.s's earnings presentation, Oct 31, 2022
Slide 1: Tat Gıda 9M2022 Financial Results Review
Tat Gıda 9M2022 Financial Results Review October 31, 2022
Slide 2: Agenda
1 Key messages and Highlights 2 9M2022 Financial Results Agenda
Slide 3: Key messages and Highlights
1 Key messages and Highlights Net Sales* Net Earnings* 1.768 +1.033 228 735 579 119 +109 59 9M2020 9M2021 9M2022 9M2020 9M2021 9M2022 * Ongoing operations
Slide 4: Key Messages & Financial Highlights
Key Messages & Financial Highlights 9M2022 Highlights Completed the new season with strong results ▪ Substantial top-line results driven by strong consumer demand and added Net Sales* capacities from last year, together with balanced local and export mix and TL 1,768 mn marketing efforts. (141% yoy
Slide 5: Turkey moved up to 4th place in Global tomato processing
Turkey moved up to 4th place in Global tomato processing As the harvest season is reaching its end, the global world tomato production estimate currently stands at 37 million tonnes1, down by 5% vs. a year ago. Turkey, with expected 2.35 mn tons of tomato processing in 20221, ranks 4th in the wo
Slide 6: Global warming and higher costs effects overall tomato production
Global warming and higher costs effects overall tomato production Global warming, water scarcity and higher costs of growing tomatoes as farmers are paying more for fuel and fertilizer led to a decline in overall global tomato production to 37 mn tons in 2022. California’s tomato growers initial
Slide 7: Tat had another record year in 2022 harvest season
Tat had another record year in 2022 harvest season Tat Gıda, with 543K1 tons of processed tomatoes in 2022 (+40K tons/+8% yoy), took 23% stake in Turkey’s tomato processing industry. Tat’s annual Tomato Processing Amount (000 tons) Tat’s share in Turkey’s Tomato Processing (2022E) +8.0% +32.0% 543
Slide 8: New Season elevated costs pressure margins
New Season elevated costs pressure margins Annual rate of changes of Agricultural-IPI (%) ▪ Turkish Agricultural input price index increased by 135% 135% 124% 135% compared to same month of the previous 106% year and increased by 88% compared to twelve 81% months moving averages, in August 2022. The
Slide 9: 9M2022 Financial Results
2 9M2022 Financial Results Balance Sheet – Summary (TL mn) Income Statement - Summary (TL mn)* Sep 30, 2022 Dec 31, 2021 9M2022 9M2021 Current Assets 3.669 1.350 Net Sales 1.768 735 Non-Current Assets 458 288 EBITDA 281 97 Total Assets 4.127 1.638 Net Income from Other operations 41 16 Current Liabi
Slide 10: Revenues reached TL1.8bn, up by 141% yoy
▪ Thanks to finalized capex investments in Net Sales (TL Mn) +141% 3Q21, and strong overall sales performance, total sales volume in 9M22 1.768 Revenues reached increased by 34% yoy to 102K tons. ▪ Net sales reached TL1.768 mn; up by TL1.8bn, up by 141% yoy, due to higher volumes and 1.092 +167% 141
Slide 11: Export strategy support growth
Exports (US$ mn) ▪ Total exports in 9M22 reached Export strategy TL586 mn (US$37 mn ), displaying +54% 37 support 202% growth yoy in TL terms and 54% in US$ terms. growth 24 +13% ▪ Exports share in total sales was 10 11 33% in 9M2022 vs. 26% in 9M21. 9M2021 9M2022 3Q2021 3Q2022 Exports’ share in Tot
Slide 12: Gross profit up by 177% in 3Q22 yoy
COGS (TL Mn) ▪ Due to seasonality, higher COGS due to +131% elevated new season prices, combined Gross profit up with weak TL led to a pressure on 1.221 by 177% in margins in third quarter results. +164% 3Q22 yoy ▪ Thanks to favorable sales mix and prices; gross profit increased by 177% yoy to 528 5
Slide 13: EBITDA reached TL281 mn, up by 188%
Operating Profit (TL Mn) ▪ Despite elevated operating expenses, operating +193% profit was up by 193% in 9M22, yoy to TL254 EBITDA reached mn. 254 TL281 mn, ▪ EBITDA at TL281 mn in 9M22, displayed a yoy +291% increase of 188%; while EBITDA margin was up by 188% 15.6% in 3Q22, and 15.9% 9M22. 87 98 2
Slide 14: Net Financial debt at TL1.4 bn
▪ Due to seasonality, Net Financial Debt TL mn 1H2021 FY2021 9M2022 Net Financial increases in 3Q mainly as a result of elevated harvesting season costs. Net Cash and cash equivalents ST Financial Debt 275 182 106 240 85 1,510 debt at TL1.4 bn Financial Debt reached TL1.4 bn at Sept LT Financial Deb
Slide 15: Net Profit from ongoing operations almost doubled
Net Profit (TL mn) 228 ▪ Net Profit from ongoing Net Profit from operations reached 184 +92% ongoing TL228 mn in 9M22, almost doubled the 66 228 operations 9M21 level of TL119 mn, 119 thanks to strong almost operational performance. doubled 9M2021 Discontinued Operations 9M2022 Ongoing Operations Ne
Slide 16: Going onwards..
Going onwards.. Finalized the new harvesting season with higher production figures –produced 11% more volume. This new season production will be sold until the next harvesting season. Expect to overcome challenging production costs in coming quarters with price adjustments that will have positiv
Slide 17: Income Statement - Summary (TL mn)
Income Statement - Summary (TL mn) FY2021 D YoY 9M2021 9M2022 D YoY 3Q2021 3Q2022 D YoY Net Sales 1.092 36% 735 1.768 141% 280 749 167% Cost of Sales (-) 773 41% 528 1221 131% 209 550 164% Gross Profit 319 26% 207 547 165% 71 198 177% Operating Expenses (-) 188 40% 120 293 145% 46 100 116% Operating
Slide 18: Balance Sheet - Summary (TL mn)
Balance Sheet -Summary (TL mn) FY2020 FY2021 1Q2022 1H2022 9M2022 Current Assets 1.173 1.350 1.388 1.788 3.669 Cash 121 106 252 301 85 Trade receivables 446 474 467 597 748 Inventories 361 628 474 596 2.456 Non-current Assets 136 288 297 369 458 Total Assets 1.309 1.638 1.685 2.157 4.127 Current Lia
Slide 19: Disclaimer
This presentation does contain information and analysis on financial statements that reflect the Company management’s current views. Although it is believed that the information and analysis are correct and expectations reflected in these statements are reasonable, they may be affected by a variety
Slide 20: Thank you
Thank you For further questions please contact: Banu Çamlıtepe - head of IR banu.camlitepe@tat.com.tr Tat Gıda A.Ş. investorrelations@tat.com.tr Taşdelen Mahallesi Sırrı Çelik Bulvarı No: 7 Çekmeköy - İstanbul 20