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

Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri Sanayii A.Ş. — FY2015 Earnings Presentation

19 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2016

  1. Slide 1: Pınar Süt Mamulleri Sanayii A.Ş. Earnings Presentation, 2015

    PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, 2015

  2. Slide 2: 2015 Highlights

    1 2015 │ Highlights  The total dairy* market turnover grew by 5.1% in 2015, YoY. The market volume narrowed by 1.9% due to the 6.6% contraction in yoghurt category.  The spreadable cheese segment was the fastest-growing category in the market in terms of volume.  Food inflation stood at 10.9% in

  3. Slide 3: 2015 Dynamics

    2 2015 │ Dynamics The Number of Animals in Turkey Annual Milk Production in Turkey (m ton) Year Milk Production  The number of milking animals in Turkey was 25.5 2002 8.4 million with an increase of 4% in 2015. The number of 2003 10.6  In 2015, the annual cows milked was 5.6 million (2014: 5,7 m).

  4. Slide 4: 2015 Dynamics

    3 2015 │ Dynamics 2013 2014 2015 1.15 TL Raw Milk Prices 1.30 TL 1.10 TL 0.90 TL • The raw milk base price which is set by 0.70 TL National Milk Council Source: National Milk Council, liter 0.50 TL remained stable since July, 2014. The average raw milk base price was higher by 5% in 2015, compared t

  5. Slide 5: 2015 Market

    4 2015 │ Market 3.500 .0 00 17,4% 17.4% 17,5% 17.5% 18 ,0 % Dairy* Market 16 ,0 % 3.000 .0 00  Measurable dairy market grew by 14 ,0 % 3.2 2.500 .0 00 2.000 .0 00 3,0 3.0 3,2 12 ,0 % 10 ,0 % milyar 5.1% in 2015, YoY. The volume 1.500 .0 00 milyar bn bn 8,0% 6,0% TLTL TLTL contraction was 1.9% in th

  6. Slide 6: 2015 New Products

    5 2015 │ New Products • 30 new packages ENJOYMENT CHEESE COTTAGE CHEESE

  7. Slide 7: 2015 Income Statement

    6 2015 │ Income Statement (Million TL) 31-Dec-15 31-Dec-14 Difference % Change Net Sales 1,011.2 940.5 70.7 7.5 Cost of goods Sold (848.8) (782.8) (66.0) 8.4 Gross Profit 162.4 157.7 4.7 3.0 R&D Expenses (9.2) (7.6) (1.6) 20.9 Sales, Distribution and Marketing (65.4) (64.4) (1.0) 1.6 Expenses Genera

  8. Slide 8: 2015 Growth Analysis

    7 2015 │ Growth Analysis %2.86 %2.25 %2.40 %7.52 1,011 m TL 940 m TL 2014 Volume Price&Mix Currency 2015

  9. Slide 9: 2015 Sales Breakdown

    8 2015 │ Sales Breakdown Sales Direct 5% 3% Channels 12% Export 12% 83% YBP* 85% 2014 2015 Net Sales Product Portfolio 2014 2014-1Y 2015 2015-1Y Growth in cheese segment

  10. Slide 10: 2015 Sales Breakdown, Export

    9 2015 │ Sales Breakdown│ Export S.Arabia Exports Kuwait 3.6 3.4 Breakdown Iraq 3.9 3.9 28.0 by Country (%) UAE 5.2 TRN Cyprus 12.4 Azerbaijan Qatar 14.1 12.5 Bahrain Egypt 2011 2012 2013 2014 2015 Share of exports in sales 8.5% 10.1% 10.9% 12.0% 12.3%  The total export revenue was 46 m USD in 2015

  11. Slide 11: 2015 Sales and Profitability

    10 2015 │ Sales and Profitability Net Sales (m TL) Gross Profit (m TL) CAGR: %9,2 7,5% 200.0 20.5% 19.9% 18.6% 180.0 160.0 16.8% 16.1% 20.0% 140.0 15.0% 120.0 100.0 1,011 162.4 10.0% 940 80.0 145.0 150.9 157.7 810 133.8 651 727 60.0 40.0 5.0% 20.0 0.0 0.0% 2011 2012 2013 2014 2015 2011 2012 2013 201

  12. Slide 12: 2015 Profit Margins

    11 2015 │ Profit Margins Gross Profit EBIT 18.6% 16.8% 16.9% 16.7% 6.7% 16.1% 6.3% 14.1% 5.8% 5.3% 5.3% 3.7% 2013 2014 2015 4Q14 4Q15 3Q15 2013 2014 2015 4Q14 4Q15 3Q15 EBITDA Net Profit 8.9% 8.7% 13.5% 7.7% 7.7% 7.3% 6.1% 9.3% 9.2% 8.3% 6.2% 2.9% 2013 2014 2015 4Q14 4Q15 3Q15 2013 2014 2015 4Q14 4Q

  13. Slide 13: 2015 Investments

    12 2015 │ 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 Capital 2012 2013 2014 2015 Expenditure Capex 31.4 m TL

  14. Slide 14: 2015 Ratios

    13 2015 │ Ratios  Focus on risk management  Effective working capital management  Strong balance sheet and liquidity Balance Sheet Ratios management 2011/12 2012/12 2013/12 2014/12 2015/12 Current Ratio 1.81 1.64 1.51 1.42 1.16 Leverage Ratio 0.30 0.29 0.30 0.32 0.34 0.58 Current Borrowings/Total

  15. Slide 15: Strategies

    14 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

  16. Slide 16: Ownership, Participations, Auditors

    15 Ownership │ Participations│ Auditors Ownership Structure Auditors Yaşar Holding A.Ş. 61% Financial Affairs Free Float 39% Nexia Ernst&Young Production Participations Breau Veritas Share in Capital % TSE Yasar Birleşik Pazarlama A.Ş. 31.8 Bintur Catering A.Ş. 1.3 Alberk QA Desa Enerji A.Ş. 30.5 Ca

  17. Slide 17: 2015 Stock Performance

    16 2015 │ Stock Performance Relative to XUTUM PNSUT (TL) (TL) Corporate Governance Rating : 9.18 Borsa İstanbul Ticker Symbol: PNSUT Date of Listing : 03.02.1986

  18. Slide 18: Disclaimer and Contact Information

    17 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

  19. Slide 19: Thank you!

    Thank you! aan

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