Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Su Sanayi ve Ticaret A.Ş. — Investor Presentation (August 2010)
20 slides from Pinar Sut Mamulleri Sanayii A.s's investor presentation, August 2010
Slide 1: Pınar Su Sanayi ve Ticaret A.Ş.
PINAR PINAR SU SU SANAYİ SANAYİ VE VE TİCARET TİCARET A.Ş A.Ş
Slide 2: History
History 1985-86 1997 2002 2003 1984 Pınar Şaşal in The first Madran water in plastic Pınar Madran water Marmara Water Inc. Potable water (for the PVC packages bottle. Turkish Standards Institution packed in demijohns Was established upon first time) in non- was awarded Golden Package with was introd
Slide 3: Market Overview
Market Overview 1.600.000 1.336.568 1.400.000 1.214.668 1.200.000 990.685 X Bottled water sector in Turkey reached 9 billion L and 3,1 billion TL 1.000.000 Tonnes market value in 2009. 800.000 707.972 535.394 600.000 X Within the same year, bottled water consumption per capita is 126 L. 400.000 (37
Slide 4: Market Overview: Growth Potential
Market Overview Growth Potential GDP vs. Turkish Bottled Water Market Growth Rate X Consumption of the carbonated beverages is declining due to consumers’ increasing consciousness and 20% trend towards a healthy life 15% 14% 13% X Tap water recognized as “non-drinkable” in big cities 10% 9% 8% 7% 7%
Slide 5: Key Players in Turkish Bottled Water Market
Key Players in Turkish Bottled Water Market Pınar Su & Competitors X Increasing investments of worldwide players like Natural Mineral Water - PET Nestle, Danone, Coca Cola due to high potential in Competitor 1 the market (M&A, spring source investments etc.) 13% Competitor 2 8% X Trend in the indust
Slide 6: Product Range
Product Range X Under the brand name of Pınar Yaşam Pınarım – MADRAN; production of PET water in 0,33 lt ve 0,5 lt, 0,51 lt, NRB glass bottle, 3 lt,3,25 lt, 5 lt, 8 lt,ve 10 lt PET and policarbon demijohn water in 19 is realized. X Under the brand name of Pınar Yaşam Pınarım – ÇAMLICA; 0.33 lt, 0.5
Slide 7: Supply
Supply Brings unique gift of nature to consumers in its purest form Spring Sources; PET Preform Supply; XHigh quality natural spring sources in 3 different regions XLong term cooperation with local multinational XDiversified sources in Aydın, Isparta, Sakarya producers sustain quality assurance prov
Slide 8: Production
Production Quality & Hygiene in each step of production X Turkey’s first bottled natural spring water X Modern production facilities and sources in 3 territories: — Çamlıca (2003) / Adapazarı with 400,000 tonnes capacity — Madran (1996) / Aydın with 490,000 tonnes capacity — Toros (2003) / Isparta w
Slide 9: Sales & Distribution
Sales & Distribution Expected advantages of merger – Pınar Su & Birmaş Seasonality X To create a more effective model in sales and distribution 100% network, 90% 20% 20% 20% 80% 70% 31% 31% 30% 60% X To increase competitive strength in the national market, 50% 40% 28% 27% 28% 30% X Tax optimization,
Slide 10: Export
Export X Pınar Su exports to total of 20 countries. X Pınar Su exports reached to $ 2,5 Mn in 2009. X Germany forms 47% of the total exports. X Share of exports in total net sales is around 4%. X Growth is expected in exports parallel to domestic market 15,69% 1,57% 0,39% 7,84% 47,06% 7,84% 19,61% G
Slide 11: Business Highlights
Business Highlights High quality, hygienic and EU standard production X Pınar Su uses Clean Room technology which is regarded as the most advanced technology available in the world’s bottled water industry. •Brand Recognition X The first Turkish beverage that has registered its quality by having bee
Slide 12: Stock Performance
Stock Performance As of August 23, 2010 ; Ownership Structure X Price at August 23, 2010 > 5,05 TL X Market Capitalization > 64,1 mio TL X Paid-in Capital > 12,789,345 TL 32% X Total outstanding shares in free float > 32% 58% PINSU Share Performance Relative to ISE-General 1% 9% 160 5,05 6 140 5 120
Slide 13: Participations
Participations Yaşar Birleşik Ownership % Carrying Value Sales and distribution of Pazarlama Dağıtım products of Pınar Süt, Pınar Turizm ve Ticaret A.Ş. 4.79 16.3 M TL Et & other food products Desa Enerji Elektrik Ownership % Carrying Value Energy & Electric generation Üretimi Otoprodüktör 6.07 0.7
Slide 14: Financial Results
FINANCAL FINANCAL RESULTS RESULTS
Slide 15: Income Statements
Income Statements (Million TL) 30 June 2010 30 June 2009 % Variance Operating Revenue 33,3 39,2 (15,2) Cost of Sales (17,3) (20,7) (16,4) Gross Profit 15,9 18,5 (13,8) Selling and Marketing Expenses (10,4) (10,6) (2,5) General and Administrative Expenses (4,3) (4,5) (3,6) EBIT 1,3 3,4 (62,7) Other I
Slide 16: Profit Margins
Profit Margins GROSS PROFIT EBIT MARGIN * MARGIN (%) (%) 51 10 9 51 7 7 50 8 49 49 6 48 48 4 47 4 47 2 46 45 0 2008 2009 2009 First Half 2010 First Half 2008 2009 2009 First Half 2010 First Half EBITDA MARGIN ** NET PROFIT MARGIN (%) (%) 10 9 9 16 15 9 8 14 14 12 8 12 11 7 6 10 6 8 5 4 6 3 4 2 2 1 0
Slide 17: Quarterly Results
Quarterly Results NET SALES (Million TL) X Especially in crisis period, local and small sized producers which grew in this period caused aggressive 22 price competition in the industry. 18 X In this aggressive price competition environment, there 16 was an acceptable decline in sales in order to bal
Slide 18: Ratios, Net Financial Debt & Net Working Capital
Ratios, Net Financial Debt & Net Working Capital 30 June 2010 30 June 2009 X Continuous focus on risk management and efficiency measures X Effective working capital management Current Ratio 1,2 1,5 Leverage Ratio 0,3 0,2 X Strong balance sheet and liquidity management ST Fin'al Debt/Total Fin'al Deb
Slide 19: Assessment of 2010 & Strategies
Assessment of 2010 & Strategies X The first half of 2010, consumer choice was similar to crisis period despite economic recovery trend X Performance improvement is expected in the second half of 2010, because of the profitable summer period in the second half of the year. X Conditions that cause an
Slide 20: Disclaimer & Contact Details
Disclaimer & Contact Details 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-looking st
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