Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Su Sanayi ve Ticaret A.Ş. — Investor Presentation (June 2009)
32 slides from Pinar Sut Mamulleri Sanayii A.s's investor presentation, June 2009
Slide 1: Pınar Su Sanayi ve Ticaret A.Ş. Investor Presentation
PINAR SU SANAYİ VE TİCARET A.Ş. INVESTOR PRESENTATION 2009, June 1
Slide 2: Presentation Overview
PRESENTATION OVERVIEW Yaşar Group at a Galance Bottled Water Market EU Conformity Period Company Overview Financial Performance 2
Slide 3: Disclaimer
Disclaimer 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 statements that refl
Slide 4: Presentation Overview
PRESENTATION OVERVIEW Yaşar Group at a Galance Bottled Water Market EU Conformity Period Company Overview Financial Performance 4
Slide 5: Yaşar Group At a Glance
Yaşar Group At a Glance ¾ Established in 1945 ¾ One of the Turkey’s most important and highly respected conglomerates ¾ Core businesses: Food & Beverage and Paint ¾ Non-core businesses: Tissue, Trading and Services ¾ 24 companies, 2 foundations, over 6,600 employees ¾ Consolidated revenues of approx
Slide 6: Market Leader in Food and Beverages: PINAR
Market Leader in Food and Beverages: PINAR ¾ Launched in 1975, Pınar is the market leader in many sub-segments of FMCG ¾ Pınar brand is internationally recognised, especially in the Gulf countries ¾ Selected among “Turkey’s Superbrands” in 2005 with 99% brand awareness and ranked #1 according to the
Slide 7: Presentation Overview
PRESENTATION OVERVIEW Yaşar Group at a Galance Bottled Water Market EU Conformity Period Company Overview Financial Performance 7
Slide 8: Bottled Water Market In The World
Bottled Water Market In The World CONSUMPTION OF BOTTLED WATER PER COUNTRY (LITERS PER CAPITA) Italy 176 Slovenia 58 France 142 Poland 70 Belgium 139 Latvia 37 Spain 143 Ireland 26 Germany 140 Lithuania 26 Austria 101 Estonia 25 Czech Republic 87 UK 38 Portugal 84 Sweden 20 Slovak Republic 64 Nether
Slide 9: Bottled Water Market In The World
Bottled Water Market In The World 9
Slide 10: Turkish Market Overview
Turkish Market Overview 2003 2004 2005 2006 2007 2008 Production (billion L) 5,7 6,2 7,0 7,8 8,6 8,6 Market size (billion $) 0,6 0,8 1,0 1,2 2,1 2,1 Consumption per head (L) 81 83 93 105 96 100 ¾ Turkish bottled water market grew by 11% in 2006 and reached to 7.8 billion liters, and grew by %10 and
Slide 11: Sector Is Growing and Expanding – Several Reasons
Sector Is Growing and Expanding – Several Reasons Sector is Population growing increase Demand for spring water Consumption of Rise of increasing the carbonated income and beverages education level declining Increase in the consumption of Proximity to EU packaged water Change in and Middle consumpti
Slide 12: Presentation Overview
PRESENTATION OVERVIEW Yaşar Group at a Galance Bottled Water Market EU Conformity Period Company Overview Financial Performance 12
Slide 13: Potential Effects of EU Conformity Period
Potential Effects of EU Conformity Period ¾ Production and filling conditions convenient with the regulations ¾ Increasing Ministry controls ¾ Disappearing firms which cannot complete their infrastructures in the sector ¾ Serious firms becoming more advantageous ¾ Increasing sensitivity of the consu
Slide 14: Turkey’s Outstanding Global Power
Turkey’s Outstanding Global Power ¾ Water becomes the most important asset in the world ¾ Turkey has an outstanding power with its resources, as the third country after France and Spain. ¾ 9 countries share 60% of available resources ¾ Currently only 20% of the usable natural water resources is proc
Slide 15: Presentation Overview
PRESENTATION OVERVIEW Yaşar Group at a Galance Bottled Water Market EU Conformity Period Company Overview Financial Performance 15
Slide 16: Company History
Company History Pınar Denge Site 1985-86 1997 2002 1984 The first Madran water in Pinar Sasal in PVC plastic bottle. Pınar Madran water Potable water (for the packages packed in demijohns first time) in non- Turkish Standards Institution was introduced. recycled package.. was awarded Golden Package
Slide 17: Product Range
Product Range ¾ Under the brand name of Pınar Yaşam Pınarım - MADRAN, production of PET water in 0.33 L, 0.5L, 1.5 L, 2.5 L, 5 L; glass bottle in 0.33 L and 0.5L, policarbon demijohn water in 19 L is realized. ¾ Under the brand name of Pınar Yaşam Pınarım - ÇAMLICA, production of PET water in 0.33 L
Slide 18: Distribution Channels
Distribution Channels ¾ The products of PET bottled water segment are serviced in two main channels: retail market (houses) and foodservice market (hotels, restaurants, cafes, etc.). In the retail market, there are also sub-channels like supermarkets, medium markets, groceries, dry fruit vendors, ga
Slide 19: Ownership Structure
Ownership Structure ¾ Listed in Istanbul Stock Exchange PINSU ISE-100 ¾ 32% of total outstanding shares in free float 160 ¾ Price at August 28, 2009 Æ TRY 5,10 140 120 ¾ Market Cap ($mn) Æ43,6 100 104,25 80 ¾ Foreign stake in the free float has risen 60 rapidly 40 20 - Ap 9 M 9 Au -09 Ju 9 Au t-09 9
Slide 20: Competitive Advantages of Pınar Su
Competitive Advantages of Pınar Su ¾ Brand recognition ¾ Corporate image and reputation ¾ Customer loyalty ¾ Clean Room Technology ¾ Consistency of supply ¾ The compatibility of Pınar Madran natural spring water with EU’s “Natural Mineral Waters Regulation” and norms has been certified. ¾ Pınar Madr
Slide 21: Participations
Participations Yaşar Birleşik Ownership % Carrying Value Sales and distribution of Pazarlama Dağıtım products of Pınar Süt, Turizm ve Ticaret 4.79 15.9 M TL Pınar Et & other food A.Ş. (YBP) products Desa Enerji Elektrik Ownership % Carrying Value Energy&Electric Üretimi 6.07 0.5 M TL generation in I
Slide 22: Market Size & Market Share
Market Size & Market Share Value Share Pınar ; 9% Rest of the market; 91% 949.553 ¾First brand that comes to mind (2006, 2007 AC Nielsen) 707.972 ¾A rapidly expanding market 535.394 ¾34% YOY growth in 2007 in Turkey ¾Each of the biggest 5 companies in Turkey possesses a share %9-13 of the total mark
Slide 23: Marketing Success- Market Researches
Marketing Success- Market Researches ¾ Pınar Su is the first brand that comes to the consumer mind in the PET and PC bottled water categories (AC Nielsen 2006 - 2007). ¾ When the spontaneous and aided brand awareness in water category is examined, it was seen that “Pınar” is the best known brand wit
Slide 24: Leader in the Export of Natural Spring Water
Leader in the Export of Natural Spring Water ¾ Pınar Su exports to totally 20 countries ¾ Pınar Su exports reached to $3.1 Mn ¾ Germany forms 52 percent of the total exports ¾ Share of exports in total net sales is around 9%. 9,97% 1,30% 7,41% 1,08% U.A.Emirates 18,51% Cyprus Germany Denmark UK U.S.
Slide 25: Presentation Overview
PRESENTATION OVERVIEW Yaşar Group at a Galance Bottled Water Market EU Conformity Period Company Overview Financial Performance 25
Slide 26: Production (Tons)
Production (Tons) 300.000 256.686 254.015 250.000 216.929 214.304 193.666 200.000 171.221 150.000 19 L PC DEMIJOHNS PET BOTTLES 100.000 50.000 0 2006 2007 2008 26
Slide 27: Performance Highlights
Performance Highlights EBITDA (TL) NET PROFIT (TL) NET PROFIT 16.694.318 18.000.000 8.336.928 16.000.000 11.295.748 10.407.231 9.000.000 6.816.745 14.000.000 8.000.000 12.000.000 5.679.757 7.000.000 10.000.000 6.000.000 8.000.000 5.000.000 6.000.000 4.000.000 4.000.000 3.000.000 2.000.000 2.000.000
Slide 28: Consolidated Income Statement (Mn TL)
Consolidated Income Statement (Mn TL) 1 Jan. 2009 – 1 Jan. 2008 - 30 June 2009 30 June 2008 OPERATING REVENUE 28.4 31.2 Net Sales 28.4 31.2 Cost of Sales (19.5) (19.9) GROSS PROFIT 8.9 11.3 Operating Expenses (6.2) (7.7) NET OPERATING PROFIT 2.7 3.6 Other Income 2.3 2.4 Other Expenses (0.1) (0.1) Fi
Slide 29: Financial Overview
Financial Overview ¾ Net sales of app. TL 28.4 mn and EBITDA of TL 5.0 mn ¾ EBITDA margin of 18% KEY PERFORMANCE INDICATORS (IFRS-CONSOLIDATED) 30.06.2009 30.06.2008 Change (%) NET SALES (TL) 28,372,858 31,212,953 -9.1% COST OF GOODS SOLD (19,516,430) (19,914,716) -2.0% (TL) GROSS PROFIT (TL) 8,856,
Slide 30: Key Ratios and Net Financial Debt
Key Ratios and Net Financial Debt June 30, June 30, 2009 2008 Current Ratio 1.32 0.97 Leverage Ratio 0.24 0.47 Interest Coverage Ratio 35.73 45.90 S/T Financial Debt/Total Financial Debt 0.31 0.52 Net Financial Debt /EBITDA 1.10 2.01 Total Financial Debt / Equity 0.09 0.21 (Mn TL) Cash & Cash Equiva
Slide 31: Investment Highlights
Investment Highlights ¾ Strong brand image ¾ Hygenic and EU standard production ¾ Competitive cost structure ¾ High quality production ¾ Professional management ¾ Increasing export potential ¾ Advanced IT structure ¾ Strong financials ¾ Group synergies ¾ Wide-spread distribution network 31
Slide 32: Awards and Certificates
Awards and Certificates ¾Pınar Su Aydın / Bozdoğan facility gained the right to receive TS EN ISO 9001:2000 Quality Management Certificate, TS 13001 HACCP Food Security Management System Certificate and TS EN ISO 14001 Environment Management System Certificate. ¾ Pınar Su Hendek/Sakarya and Eğirdir
Pınar Su Sanayi ve Ticaret A.Ş. — Investor Presentation (June 2009) on 6ix