Pinar Sut Mamulleri Sanayii A.s. · BIST:PNSUT
Pinar Sut Mamulleri Sanayii A.s — Pınar Süt Mamulleri San. A.Ş. — FY2012 Earnings Presentation
34 slides from Pinar Sut Mamulleri Sanayii A.s's earnings presentation, 2013
Slide 1: Pınar Süt 2012 Earnings Presentation
PINAR SÜT MAMULLERİ SAN. A.Ş 2012 Earnings Presentation
Slide 2: Pınar Süt Highlights
Pınar Süt Highlights • Innovator and pioneer • #1 brand that comes to mind* • Hygienic and EU standard • More than 200 SKUs • Best brand in dairy ** production • R&D expertise • Most sincere milk brand *** • Technical Expertise and sectoral • Among top 4 brands Turkish consumers know-how feel closes
Slide 3: Market Dynamics - I
Market Dynamics - I ► Annual raw milk production is World Milk Consumption (billion Lt) 714 million tons in the world; about 15 million tons in Turkey 90 (Tetra Pak, Turk Stat) ► Turkey is 15th in world’s league, 80 ► Growth is expected in the milk production/import of 72,5 developing and growing co
Slide 4: Market Dynamics - II
Market Dynamics - II Processed Food Products Prices Raw Milk Base Price in Turkey (TL/lt) 2012 2011 2010 2013 0,95 TL 0,80 TL 0,65 TL 0,50 TL Source: TUİK, TCMB Jan Apr Jul Oct Raw MilBase k Prices for Producers Packaged Milk and Cheese Penetrations 92,1 Rising raw milk prices 91,5 90,3 90,0 87,8
Slide 5: Market Shares - I
Market Shares - I Süt Ürünleri Pazarı (milyar TL) Pınar Ciro Payı Products Market Share Position 3,5 17,9% 20% UHT Light Milk 65% Leader 16,3% 17,0% 3,0 17,5% 15% Total UHT Milk 32% Leader 2,5 2,0 Organic Milk 100% Leader 10% 1,5 2,70 2,81 2,93 Enriched Milk (Kids) 54% Leader 2,52 1,0 5% Butter 17%
Slide 6: Market Shares - II
Market Shares - II 64,2% 64,5% 60,3% 58,9% UHT Light Süt (Lider) Toplam UHT Süt 40,9% 39,0% 41,8% (Lider) 39,2% 30,1% 31,8% Sürülebilir 26,7% 27,1% Peynir (Lider) 16,9% 18,4% 17,0% 17,2% Tereyağı (İkinci) 9,8% 10,9% 11,0% 10,1% Homojenize Yoğurt (Üçüncü) 2009 2010 2011 2012 Source: Nielsen, - Value
Slide 7: New Launches & Product Differentiations
New Launches & Product Differentiations New tastes that respond to market tastes , reinforcing our expertise. New launches for different consumer segments. Multipackages and promotions providing convenience for consumers. Pınar Süt - 2012
Slide 8: Pınar Beyaz Çikolatalı Campaigns
Pınar Beyaz Çikolatalı Campaings TV Outdoor Activities Pınar Süt - 2012
Slide 9: Pınar Beyaz Campaigns
Pınar Beyaz Campaigns Pınar Süt - 2012
Slide 10: Pınar Labne Campaigns
Pınar Labne Campaigns facebook.com/pinarlabne TV Pınar Süt - 2012
Slide 11: Pınar Cream Cheese Campaigns
Pınar Cream Cheese Campaigns TV Flashmob Pınar Süt - 2012
Slide 12: Pınar Kido Campaigns
Pınar Kido Campaigns Advertisements Magazine www.kido.com.tr Book Newspaper Pınar Süt - 2012
Slide 13: Pınar Sade Süt Campaigns
Pınar Sade Süt Campaigns TV Classic Package Pınar Süt - 2012
Slide 14: Breakdown of Net Sales by Product Groups & Sales Channels
Breakdown of Net Sales by Product Groups & Sales Channels Products Groups (2012) Sauce; 5% Others; 7% Fruit Juice; 6% Milk; 36% Butter; 7% Yoghurt & Sales Channels (2012) Ayran; 12% Export Direct Cheese; 28% 10% 3% YBP 87% 13 Pınar Süt - 2012
Slide 15: Growth in Sales
Growth in Sales Growth Rates of Product Groups 7% 300 2011 2012 16% 250 200 150 18% 18% 11% 12% 100 50 Million TL 0 Sos FruitMeyve Sauce ButterTereyağ Juice Suyu Others Yoğurt ve Peynir Yoghurt&Ayran Cheese Süt Milk Ayran Net Sales have grown by 11,7% in 2012. 14 Pınar Süt - 2012
Slide 16: Export
Export Pınar realizes 22% of Turkey’s Dairy Products Exports itself Foreign Sales by Countries (2012) Export income was increased by %20 in terms of USD and UAE; 9% Bahrain; 3% %33 in terms of TL. Egypt; 3% Others; Exports to 29 different countries which are Middle East, Europe, USA Azerbaijan
Slide 17: Financial Results
FİNANCİAL RESULTS
Slide 18: Sales and Profitability
Sales and Profitability Net Sales (Mn TL) Net Profit (Mn TL) 727,1 72,9 651,1 577,1 57,8 60,1 54,8 482,8 480,7 34,2 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 In 2012 sales have grown by %11,7, in both value and volume EBITDA* (Mn TL) terms. Growth in volume terms is by %2. 84,6 In accorda
Slide 19: Income Statement
Income Statement 31.12.2012 31.12.2011 Difference % Change (Million TL) Net Sales 727,1 651,1 76,0 11,7 Cost of goods Sold (582,2) (517,3) (64,8) 12,5 Gross Profit 145,0 133,8 11,2 8,4 R&D Expenses (7,2) (5,6) (1,7) 29,9 Sales, Distribution and MarketingExpenses (54,9) (35,3) (19,6) 55,5 General Adm
Slide 20: Growth Analysis
Growth Analysis %7,0 %0,7 %4,0 %11,7 727,1 Mn TL 651,1 Mn TL 2011 Miktar Fiyat ve Ürün Kur 2012 Miksi 19 Pınar Süt - 2012
Slide 21: Profit Margins
Profit Margins Gross Profit Margins(%) Operating Margins* (%) 25,1% 10,5% 10,7% 20,5% 21,6% 8,4% 8,3% 19,9% 18,0% 17,2% 6,8% 6,3% 2009 2010 2011 4Q11 4Q12 3Q12 2009 2010 2011 4Q11 4Q12 3Q12 EBITDA Margins ** (%) Net Profit Margins (%) 13,0% 13,0% 10,4% 11,2% 11,9% 10,3% 11,0% 8,3% 8,4% 9,3% 7,5% 6,9
Slide 22: Quarterly Results
Quarterly Results Net Sales (Mn TL) ►Product price increases, depending on the positive 177 177 188 developements in the market, have improved our gross margin in 2012 4Q compared to 2011 4Q. ►Similarly, a significant improvement was achieved in the profit margins in 2012 4Q, compared to the third q
Slide 23: Basic Ratios, Net Financial Debt & Net Working Capital
Basic Ratios, Net Financial Debt & Net Working Capital Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011 (Milyon TL) Current ratio 1,64 1,81 Cash & Cash Equivalents 4,51 4,99 Leverage ratio 0,29 0,30 S/T Bank Borrowings 15,52 20,45 S/T Fin Debt/T. Fin Debt 0,99 0,58 L/T Bank Borrowings 0,13 15,07
Slide 24: Dividends
Dividends 89,4% 88,2% 78,2% 84,6% 79,7% 69,2% 70,9% 1,22 TL 0,96 TL 0,96 TL 0,59 TL 0,37 TL 19,6% 0,32 TL 5,1% 10,7% 7,1% 7,7% 5,9% 8,7% 0,13 TL 5,8% 0,08 TL 3,3% 2004 2005 2006 2007 2008 2009 2010 2011 Hisse Başı Net Dividends PerTemettü Share Payout Ödeme Temettü Ratio Oranı DividendVerimi Temettü
Slide 25: Overview of 2012
Overview of 2012 ►Volatiliy in the raw milk prices was decreased as a result of National Milk Council’s base price system. However, the average row milk prices were %18 above 2011 in 2012. ► The costs have increased in 2012, particularly a %19 increase in the energy costs. ► Following our strategy o
Slide 26: Strategies and Targets
Strategies and Targets Growing above market growth rates in the segments we operate in, with ; 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
Slide 27: Şanlıurfa Investment
Şanlıurfa Investment Pınar Süt Şanlıurfa plant, which will be established on a land of 100 thousand m², will have a capacity of 180 million litres/year with raw milk collected from Şanlıurfa and cities around it. The milk and dairy products will be produced in the factory. The product range will
Slide 28: Ownership & Participation Structure, Share Performance
Ownership & Participation Structure Share Performance Ownership Share Performance 31.12.2010 = 100 Relative and Absolute Performance Free ofPınar of PınarSüt Et Shares Shares Float 160 20,00 16,80 140 120 15,00 100 80 105,85 10,00 60 40 5,00 20 - 0,00 İMKB-TÜM'e Relative göre (sol eksen) to ISE-TUM
Slide 29: 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 30: Thank You
Thank You
Slide 31: Appendix
APPENDIX
Slide 32: Company History
Company History 2010 Pioneer and Leader of Modern Turkish Dairy 2005 1975... 2003 Pınar Kido First organic milk in 2011 The first UHT milk and 1997 Agreement with with Biscuit, Türkiye, Pınar Organic Sodima SAS for the Pınar Çocuk Cream packaged dairy products Pınar SÜT new plant Milk, probiotic pla
Slide 33: Supply - Raw Milk Collection Process
Supply - Raw Milk Collection Process LOCAL PROUCERS Keen focus on milk collection processes: FARMS Route optimization; increase in truck fill rate and L/km rate (TL 1m cost savings) VILLAGES COOPS TRADERS Successful Raw milk supply constitutes an important entry barrier to potential competitors
Slide 34: Sales & Distribution
Sales & Distribution Yaşar Birleşik Pazarlama; Turkey’s biggest nationwide cold & frozen distribution chain The distribution of food & beverage products are realized in -18˚C vehicles for frozen products, +4˚C vehicles for fresh products and classic vehicles for the rest The know-how and strong t
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