Tat Gida Sanayi A.s. · BIST:TATGD
Tat Gida Sanayi A.s — Tat Gıda — Q2 2024 Earnings Presentation
23 slides from Tat Gida Sanayi A.s's earnings presentation, September 2024
Slide 1: Tat Gıda 2Q 2024 Financial Results
Tat Gıda 2Q 2024 Financial Results September 2024
Slide 2: Disclaimer
Disclaimer With the Capital Markets Board of Turkey’s Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 inflationary accounting provisions. In
Slide 3: Agenda
1 Tat Gıda in Brief 2 2Q 2024 Financial Results 3 Appendix Agenda
Slide 4: Tat Gıda in Brief
1 Tat Gıda in Brief Tka ttık ar a T A atl #hay Tat’s Mission: We exist to lead the change that will deliver good and healthy food for all!
Slide 5: Competitive Advantage in Operational Processes from Farm to Fork
Competitive Advantage in Operational Processes from Farm to Fork High-Capacity, Leading Extensive Supply Chain Strong Brand Equity Production Facilities and Distribution Network and Sales Channels Ø Leader in tomato processing, with high Ø Türkiye’s globe-wide advantageous Ø Strong brand equity in d
Slide 6: Sustained Market Leader: Ranks #1 in Almost All Its Categories in Local Market
Sustained Market Leader: Ranks #1 in Almost All Its Categories in Local Market Products Tomato Tomato Pepper Ready to Ketchup Mayonnaise Pickle Products Paste Paste Serve Türkiye Market Ranking 1 1 2 1 3 1 2 Tat Gıda Türkiye Revenue Share 42.5% 15.7% 13.5% 20.2% 12.6% 19.6% 17.4% *Market shares are
Slide 7: Change in Shareholder Structure
Change in Shareholder Structure From Koç Group To Memişoğlu Tarım Share Transfer Tat Gıda Shares Owned By Koç Group1 Koç Memişoğlu • 49.04% share of Tat Gıda Float Float Holding Tarım capital: 41.40% 41.40% 43.70% 49.04% USD80,915,335.72 dollars • 15 redeemed shares Koç Group Shared Owned By Tat Gıd
Slide 8: 2Q 2024 Financial Results
Gp 2 2Q 2024 Financial Results
Slide 9: Global Tomato Processing Increase, While Reference Price Decreases
Global Tomato Processing Increase, While Reference Price Decreases Global Tomato Processing (000 ton) & Price (USD) Tomato Processing & Cost (USD) in Türkiye Regional Breakdown (2023 & 2024E) 2017 - 2023 CAGR: 6.0% 2024E 12% 46,872 44,416 6% 38,402 12% 39,184 37,769 37,206 38,398 37% 6% 34,803 38% 2
Slide 10: Investments to Grow in Unsaturated Product Categories Bear Fruits
Investments to Grow in Unsaturated Product Categories Bear Fruits Tat Gıda Tomato Processing (000 tons) Production and Sales Volume (000 tons) Production Breakdown (2022 & 2023) 9% CAGR: 7.3% -3.6% 2023 10% -17% 14.7% 20% 15% 135 1 6 0 ,0 2022 543 130 8% 3 0 ,0 % 1 5 0 ,0 503 1 4 0 ,0 450 67% 1 3 0
Slide 11: Continuous Growth in Export Revenues With Expansion Efforts in New Markets
Continuous Growth in Export Revenues With Expansion Efforts in New Markets USD Denominated Export Revenues Export Revenues (TL mln) and Share (%) Increase in Export Share in 2Q 2023 vs 2Q 2024 CAGR: 41.5% 7.0% 2Q 2024 43% 10.5% 2.2% 1 .5 0 0 1 .4 9 0 1 .4 8 0 , 0 , 0 , 0 33% 1 .4 7 0, 0 1 .4 6 0, 0
Slide 12: Operational Profitability Increased in 2Q 2024
Operational Profitability Increased in 2Q 2024 Total Revenues (TL mln) COGS (TL mln) & Gross Profit Margin (%) EBITDA (TL mln) & EBITDA Margin (%) -21.2% -20.7% n.m. -21.5% -29.2% n.m. 3,889 3,582 170 4 3 .0 .9 ,0 0 ,0 0 0 1 4 ,0 0 % 3 3 0 .8 9 .7 ,, 0 0 2 0 ,0 3 3 3 .9 8 .9 7 ,0 ,0 0 0 3 3 8 0 .7 ,
Slide 13: Monetary Loss Stemming From Inflation Indexation Resulted in Net Loss
Monetary Loss Stemming From Inflation Indexation Resulted in Net Loss Net Profit / (Loss) (TL mln) 1Y23 – 1Y24 Net Profit / Loss Evolution (TL million) n.m. 267 -83 41 -178 n.m. -1 -110 267 3 0 ,0 2 9 0 ,0 2 8 0 ,0 -409 -313 2 7 0 ,0 2 6 0 ,0 2 5 0 ,0 2 4 0 ,0 2 3 0 ,0 2 2 0 ,0 2 1 0 ,0 2 0 ,0 1 9 0
Slide 14: Net Financial Debt Decreased in 1H 2024
Net Financial Debt Decreased in 1H 2024 BALANCE SHEET CASH – DEBT COMPOSITION (TL mln) CASH TOTAL DEBT (TL mln) December 31, 2023 June 30, 2024 FX Current Assets 6,143.4 4,619.9 TL 17% Non Current Assets 2,098.2 2,034.0 54% 437.4 2,890.0 TOTAL ASSETS 8,241.6 6,653.9 46% Short Term Liabilities 4,009.
Slide 15: New Era at Tat Gıda: Restructure, Focus, Grow
New Era at Tat Gıda 2019 - 2021 2021 - 2023 2024 …. Restructure Focus Grow Ø PASTAVILLA brand sale and halt of Ø Impact on production volume of new Ø €10 million capacity increase investments to production: tomato processing and pickle be commissioned in 2024 & 2025 • Transaction Value: USD1.4 milli
Slide 16: Appendix Financial Indicators
3 Appendix Financial Indicators
Slide 17: Summary Balance Sheet
SUMMARY BALANCE SHEET BALANCE SHEET (TL) December 31, 2023 June 30, 2024 Cash and Cash Equivalents 115,612,733 437,375,510 Trade Receivables 1,670,512,648 1,414,380,291 Inventories 3,837,747,913 2,022,384,896 Total Current Assets 6,143,443,305 4,619,934,499 Total Non Current Assets 2,098,179,972 2,0
Slide 18: Summary Income Statement
SUMMARY INCOME STATEMENT INCOME STATEMENT (TL) 1H 2023 1H 2024 % Change 2Q 2023 2Q 2024 % Change 1Q 2024 Revenue 3,889,139,073 3,064,947,267 -21.2% 1,776,742,235 1,395,051,395 -21.5% 1,669,895,872 Domestic sales (net) 2,699,858,696 1,792,008,731 -33.6% 1,194,761,666 800,236,836 -33.0% 992,958,805 Ex
Slide 19: Appendix Historical Financial Indicators
4 Appendix Historical Financial Indicators
Slide 20: In 2Q 2024, Export Revenues Increased While Demand and Price Pressure Continues
In 2Q 2024, Export Revenues Increased While Demand and Price Pressure Continues Total Revenues (TL mln) Domestic Revenues (TL mln) and Share (%) Export Revenues (TL mln) and Share (%) 33.6% 13.0% 81.1% 33.7% 15.6% 71.3% 6 .0 ,8 0 0 9 0 , 0 % 2 .0 0, 0 5 5 5 8 .9 7 .9 6 .9 ,6 ,4 ,2 0 0 0 1 .9 0, 0 5
Slide 21: EBITDA Margin Increased in 2Q 2024, Yet Decreased in 1H 2024 Due to Rising OPEX
EBITDA Margin Increased in 2Q 2024, Yet Decreased in 1H 2024 Due to Rising OPEX COGS (TL mln) & Gross Profit Margin (%) EBITDA (TL mln) & EBITDA Margin (%) Net Debt / EBITDA – Net Debt Multiplier 32.3% 7.7% -10.0% 12.7% 1 0 0 , 0 % 4 3 .0 .9 ,0 0 ,0 0 0 32.1% 3 3 .9 8 ,0 0 -14.0% 3 7 .9 6 0 .9 ,0 ,
Slide 22: Net Loss Caused by Declining Operational Profitability and Rising Financial Expenses
Net Loss Caused by Declining Operational Profitability and Rising Financial Expenses Net Profit / (Loss) (TL mln) 1Y23 – 1Y24 Net Profit / Loss Evolution (TL million) n.m. n.m. 2 0 ,0 174 1 9 0 ,0 200 -153 7.6% 1 8 0 ,0 1 7 0 ,0 1 6 0 ,0 174 -34 2 8.2% 1 5 0 ,0 1 4 0 ,0 -271 1 3 0 ,0 1 2 0 ,0 -87 1
Slide 23: Thank You
Thank You For further questions please contact: yatirimciiliskileri@tat.com.tr Tat Gıda A.Ş. Taşdelen Mahallesi Sırrı Çelik Bulvarı No: 7 Çekmeköy - İstanbul www.tatgida.com.tr/en/ 23