Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri Sanayii A.Ş. — FY2014 Earnings Presentation
26 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2015
Slide 1: Pınar Süt Mamulleri Sanayii A.Ş. Earnings Presentation, 2014
PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Earnings Presentation, 2014
Slide 2: Highlights
Highlights • Innovator and pioneer •Most admired company in Turkey* •Hygienic production according to •Best fruit juice brand** EU norms • More than 200 SKUs •One of the top ten most reputable •Technological and industrial • R&D expertise brands*** knowledge •One of the top ten superbrands in •Energ
Slide 3: Market Dynamics
Market Dynamics Total Number of Animals Raw Milk Base Prices in Turkey (Million Tons) 2013 2014 17,4 18,2 18,5 Total Animals 53.0 Mn 57.3 Mn +8.0% 15,1 Cattle 27.2% 25.8% 13,5 +1,51% 12,0 12,3 12,2 12,5 Sheep 55.2% 56.2% 10,6 10,7 11,1 Goats 17.4% 17.8% 8,4 Water Buffalo 0.2% 0.2% CAGR %6,8 Total Nu
Slide 4: Market Dynamics - II
Market Dynamics - II Packaged Milk Market (Value) 6.1% 0.4% UHT Milk Market (Volume) 5.3% 1.1% 93.6% 0.8% Kephir Pasteurized Milk UHT Milk Source: IPSOS, 2014 Total Cheese Market (Value) Others; Yellow 16.7% Cheese; 92.8% Spreadable Cheese; 22.1% 5.0% White Plain Flavoured Light Others Cheese; 56.1%
Slide 5: Market Dynamics - III
Market Dynamics - III Price of Food Products Raw Milk Base Prices in Turkey (TL/lt) Food Prices (% change) 2014 2013 2012 Processed Foods In 2014 inflation 1.25 ₺ Unprocessed Foods in food prices occurred above 1.10 ₺ the domestic 0.95 ₺ inflation rate. In 0.80 ₺ addition, the increase in raw 0.65 ₺
Slide 6: Market Shares - I
Market Shares - I bn TL Product Share Position 3.0 17.6% 17.2% 20% 17.1% UHT Light Milk 64% #1 15% Total UHT Milk 31% #1 2.0 10% Organic Milk * 92% #1 2.8 2.5 2.8 1.0 Enriched Milk (Kids) 66% #1 5% Homogenized Yoghurt 10% #2 0.0 0% Spreadable Cheese 37% #1 2012 2013 2014 Fresh Cheese 87% #1 Measurab
Slide 7: Market Shares - II
Market Shares - II 64.2% 64.5% 63.9% 61.1% UHT Light Milk 41.8% Spreadable 39.2% 37.8% Cheese 37.1% 30.1% 31.8% 30.8% 31.1% Total UHT Milk 11.0% 10.1% 10.6% 10.3% Homogenized Yoghurt 2011 2012 2013 2014 Source: Nielsen, 2014 Value Share 6
Slide 8: New Products
New Products Pınar Haloumi Cheese Pınar Wire Cheese Pınar Braided Cheese Pınar String Cheese Pınar Cheddar Cheeses (Sliced) 2014 Pınar Strained Yoghurt Kido Flavoured Milk 7
Slide 9: New Products
New Products Pınar Organic Pasteurised Milk Pınar Organic Milk ( 750 ml ) Pınar Half Fat Plain Milk 2014 Pınar Pink Pınar Organic Butter Crazy Series 8
Slide 10: Campaigns - I
Campaigns - I Fruit Juices Campaigns Pınar Kido Campaigns Pınar Ayran Campaigns 9
Slide 11: Campaigns - II
Campaigns - II Pınar Cream Cheese and Pınar Labaneh 10
Slide 12: Campaigns - III
Campaigns - III Plain Milk Campaigns Child Milk Campaigns 2014 FIBA Women's World Championship Official Beverage Supplier 11
Slide 13: Export
Export Pınar accounted for 16% of Turkey’s Dairy Products Exports itself Breakdown of Net Sales (2014) Export income has increased by %10.3 in USD in 2014 , Direct; 5% compared to 2013 Export; 12% Others; 23% Exports to 26 different countries which include Middle East, S.Arabi; 25% Europe, USA
Slide 14: Şanlıurfa Investment
Şanlıurfa Investment Raw milk collected from Şanlıurfa and cities around it Pınar Süt Şanlıurfa Facility The milk and dairy products will be produced in the factory. The Closed Area: 18.239 m 2 product range will be expanded depending on the needs. Open Area: 79.267 m 2 Foundation of the facil
Slide 15: Financial Results
PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Financial Results
Slide 16: Sales and Profitability
Sales and Profitability Net Sales (m TL) Net Profit (m TL) 940.5 87.1 809.8 727.1 72.9 651.1 67.4 577.1 60.1 57.4 %16.1 CAGR %13 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 In 2014, Net Sales grew by %16.1 in terms of both value and volume compared to 2013, which is more than our EBITDA* (m
Slide 17: Income Statement
Income Statement YTD (in million TL) Dec 31, 2014 Dec 31, 2013 Difference % Change Net Sales 940.5 809.8 130.6 16.1 Cost of goods Sold (782.8) (659.0) (123.8) 18.8 Gross Profit 157.7 150.9 6.8 4.5 R&D Expenses (7.6) (8.2) 0.6 (7.6) Sales, Distribution and Marketing (64.4) (60.3) (4.1) 6.8 Expenses G
Slide 18: Growth Analysis
Growth Analysis %1.8 %10.4 %16.4 942.1 m TL %4.2 809.8 m TL 2013 Miktar Volume Fiyat Price & ve Kur Currency 2014 Product Mix Ürün Miksi 17
Slide 19: Profit Margins
Profit Margins Gross Margin EBIT* 7.3% 19.9% 18.6% 6.7% 16.9% 6.1% 16.8% 16.4% 15.9% 5.8% 5.6% 5.3% 2012 2013 2014 4Q13 4Q14 3Q14 2012 2013 2014 4Q13 4Q14 3Q14 EBITDA** Net Profit 9.3% 8.9% 7.9% 7.8% 13.5% 7.6% 7.0% 10.7% 8.3% 9.3% 7.9% 7.3% 2012 2013 2014 4Q13 4Q14 3Q14 2012 2013 2014 4Q13 4Q14 3Q1
Slide 20: Basic Ratios, Net Borrowings, Working Capital
Basic Ratios, Net Borrowings, Working Capital Dec 31, 2014 Dec 31, 2013 ( i n Mi l l i on TL) Dec 31, 2014 Dec 31, 2013 Current Ratio 1.42 1.51 Cash and Cash Equıivalents 2.39 0.82 Leverage Ratio 0.32 0.30 Current Borrowings 7.37 4.53 Current Borrowings/Total Borrowings 0.55 1.00 Long Term Borrowing
Slide 21: Overview of 2014
Overview of 2014 Despite a %16.6 increase in raw material prices, Pınar Süt sustained its growth and attained an increase in its net profit margin. The Şanlıurfa Plant will go into operation in the end of the first quarter in 2015. Following our strategy of increasing our market shares we have
Slide 22: Strategies and Targets
Strategies and Targets Effective price management Widespread distribution network Efficient utilization of social media Developments in “Away From Home” channel Increasing export sales also in countries outside of Gulf Region Continuous marketing investment Growing above market growth
Slide 23: Ownership & Participation Structure
Ownership & Participation Structure Ownership Structure Auditors Yaşar Holding A.Ş. 61% Financial Affairs Free Float 39% Nexia Ernst&Young Production Participations Breau Veritas TSE Share in Capital % Yasar Birleşik Pazarlama A.Ş. 31.8 Alberk QA Bintur Catering A.Ş. 1.3 Food and Drug Administration
Slide 24: Stock Performance
Stock Performance Relative to XU100 PNSUT 140 21,35 25,00 100,00 120 20,00 100 80 15,00 60 91,45 10,00 12,77 40 5,00 20 - 0,00 BİST-TÜM'e göre (sol eksen) PNSUT (SağCorporate eksen) Governance Rating : 9,09 Borsa İstanbul Ticker Symbol: PNSUT Date of Listing : 03.02.1986
Slide 25: 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 26: Thank You
PINAR SÜT MAMULLERİ SANAYİİ A.Ş. Thank You
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