Ulker Biskuvi Sanayi A.s. · BIST:ULKER
Ulker Biskuvi Sanayi A.s — Q1 2021 Earnings Presentation
39 slides from Ulker Biskuvi Sanayi A.s's earnings presentation, May 7, 2021
Slide 1: Investor Presentation 1Q 2021
INVESTOR PRESENTATION 1Q 2021 istanbul, O7 May 2021 YVILDIZ * HOLDING :
Slide 2: Agenda
4A Turkey Macro Economic Overview Market Growth Communication Highlights AGEN 1Q 2021 Highlights and Consolidated Operational Performance Domestic Operations Export and International Operations Balance Sheet Highlights 2021 Guidance YILDIZ x HOLDING 2 GLKER
Slide 3: Turkey Macro Economic Overview
Turkey Macro Economic Overview YILDIZ * HOLDING
Slide 4: Turkey macro economic overview
Turkey macro economic overview RETAIL SALES VOLUME INDEX INDUSTRIAL PRODUCTION CONSUMER CONFIDENCE INDEX —0= 2019 —o—2020 —e-2021 = Seasonaland calendar adjusted retail sales volume with constant prices increased by 3% in March 2021 compared with the previous month. Source : TUIK VILDIZ * HOLDING ——
Slide 5: Market Growth
Market Growth YILDIZ * HOLDING
Slide 6: 2021 First quarter domestic market
2021 First quarter dome Total snacking market 20.9% Total chocolate declined by in market down by volume terms and in volume and increased by in increased by in value terms value terms E> Volume Value Total biscuit market Total cake market was contracted by decreased in in volume and volume and incr
Slide 7: Communication Highlights
Communication Highlights YILDIZ * HOLDING
Slide 8: Q1'2021 Awards & Recognition
Q1'2021 Awards & Recognition Succesfull works in HR and innovation carried out by Ulker have been recognised by different authorities. ker insan Kaynaklant ekibimizin hayata gecirdidt yenilikei ve etkiliinsan kaynaklar projeleri "Stevie Awards'ta 7 6adiile aytk gorild a4 44 ee ; a Commeiat Talent Ye
Slide 9: Sustainability awareness activities and employee branding projects
Ulker has continued its sustainability awareness activities and employee branding projects. — : Applications for 'bizz@campus', where ideas compete for the most popular brands of Ulker, started. #GuzelUlkem =) Nature Entrusted to Us sustainability video serie: have been released. #ouz010Ike DOGA BIZ
Slide 10: 1Q 2021 Highlights and Consolidated Operational Performance
1Q 2021 Highlights and Consolidated Operational Performance 10 YILDIZ * HOLDING
Slide 11: Largest confectionary company in the region
Largest confectionary company in the region 77 years of experience in Turkey Production: 4 countries, 10 facilities Total Capacity: around 1Mtons Largest capacity in the region with strategically located plants
Slide 12: 2021 First quarter consolidated performance highlights
2021 First quarter consolidated performance highlights Revenue Gross Profit Gross Margin 2.690 MTL 774 MTL Growth + 13,2% Growth + 8,0% Net EBITDA Debt/EBITDA Free Cash Flow 458 MTL : 2021 :- 0,18x 2021 :456MTL Growth + 10,2% 0 of 2020 : 0,14x 2020 : 57MTL VILDIZ * HOLDING
Slide 13: Ülker's volume and value performance 1Q'21 vs 1Q'20
Ulker’s volume and value performance 1Q’21 vs 1Q’20 Biscuits @ Chocolate Biscuits @ Chocolate Total volume decreased by Total revenue increased by '% with support of biscuit and Sales volume in biscuits, chocolates and cakes was down by chocolate revenues respectively due to; Biscuits sales was up b
Slide 14: Distribution of exports
I ibution of exports i @ Domestic International @ Domestic International YILDIZ X HOLDING
Slide 15: A difficult quarter supported with positive top line and bottom line growth
A Difficult quarter supported with positive top line and bottom line growth 000) 1Q 2020 1Q 2021 | % | Volume (Ton) 162.774 148.476 -8,8% Revenue 2.376.126 2.689.678 13,2% Gross Profit 716.281 773.581 8,0% Gross Profit Margin 30,1% 28,8% -1,4 ppt EBITDA 415.167 457.502 10,2% EBITDA Margin 17,5% 17,0
Slide 16: Domestic Operations
Domestic Operations ~“ YILDIZ * HOLDING 16
Slide 17: Domestic category performance
41,0% 41,3% 42,0% 41,1% 21,4% 20,1% 1Q'20 1Q'21 1Q'20 1Q'21 1Q'20 1Q'21 17
Slide 18: 2021 New Product Launches
Successful innovations-e launched in 2020&2021 YILDIZ X HOLDING
Slide 19: Domestic sales volume, revenue, gross profit and EBITDA
12 1Q'20 1Q'21 Sales volume contracted by mainly driven by High base impact compared to 1Q’20 driven by panic buying in March 2020 Sizing activities Decline in the market due to Covid-19 YILDIZ X HOLDING In 1Q’21 Ulker continued environment in the snac All figures set out in the table above are rela
Slide 20: Strategy to focus on branded products
Strategy to focus on branded products UME BREAKDOWN NUE BREAKDOWN Branded Branded _ VILDIZ * HOLDING
Slide 21: Export and International Operations
Export and International Operations 21 YILDIZ * HOLDING
Slide 22: M&A Track record — well positioned for future growth
M&A Track record — well positioned for future growth Ability to act as local producer and regional production hubs as well Ability to build higher scale in primary markets Access higher growth in confectionary adjacencies in biscuit category Potential to add new business capabilities in core categor
Slide 23: Ülker versus competitors
Ülker Competitor 1 Competitor 2 McVitie's ▪ ▪ Ülker Competitor 1 Competitor 2 23
Slide 24: Saudi Arabia — IBC operations
Saudi Arabia — IBC operations efficiency in all lines proves that the strategy of the acquisition is on right track 1Q'21 Change Sales Volume (Tons) 4.112 -0,3% Net Sales (SAR x000) 45.300 -8,7% EBITDA (SAR x000) 9.898 -30,6% EBITDA Margin 21,8% * IBC has multi production capability of Ulker, Mcviti
Slide 25: EBITDA and EBITDA margin
▪ 20,0% 19,7% ▪ 19,1% 19,1% ▪ 16,6% 13,6% ▪ ▪ 134,6 141,1 146,5 98,2 ▪ 63,5 44,2 ▪ 2016 2017 2018 2019 2020 Q1 2021 ▪ EBITDA EBITDA % 25
Slide 26: Egypt - number 1 position in biscuits
Egypt - Achieved number #1 position in biscuits, target to be #2 in cake & top 5 in chocolate HI-FOOD & ULKER EGYPT FINANCIAL REVIEW BISCUITS MARKET SHARE #1 1Q'20 1Q'21 Change Sales Volume (tons) 10.033 10.636 6,0% 18,4% Net Sales(EGPx000) 383.864 400.288 4,3% i 15,0% 10.5% 5 EBITDA(EGPx000) 58.346
Slide 27: UI MENA Operations
UI MENA Operations to become # 1or strong # 2in all MENA UI MENA FINANCIAL REVIEW 1Q'20 1Q'21 Change Sales Volume (tons) 3.131 3.200 2,2% Net Sales(AED x000) 42.507 41.995 -1,2% EBITDA(AED x000) 13.755 15.748 14,5% EBITDA Margin 32,4% 37,5% ™ Ulker acquired Ul MENA which owns Amir Global (the owner
Slide 28: 52,2% 15,2% 12,8% 14,2% ▪ ▪ ▪ ▪ ▪
52,2% 15,2% 12,8% 14,2% ▪ ▪ ▪ ▪ ▪ 28
Slide 29: Market share trends
23,8% 24,2% 17,3% 18,4% 14,2% 13,4% MAT 20 MAT21 MAT 20 MAT21 MAT 20 MAT21 29
Slide 30: 2020&2021 New launches
2020&2021 New launches YILDIZ X HOLDING
Slide 31: Exports and international operations
Exports and internation 51 52 LL 1Q'20 1Q'21 Total volume inreased by driven by the new launches in international operations All figui t out in the YILDIZ X HOLDING 901 1Q'20 1Q'21 Total revenue up by thanks to; Price adjustments and currency impact in export operations Favorable category and mix im
Slide 32: Branded vs non-branded split
16% 19% 14% 16% 84% 81% 86% 84% Non Branded 6% 94% Branded 32
Slide 33: Balance Sheet Highlights
Zities Saklikoy Vulafli VILDIZ * HOLDING pene WY AGENDA 33 7 Balance Sheet Highlights iiLKER
Slide 34: AR AP INV
500 400 300 200 100 AR AP INV 0 34
Slide 35: Outstanding FX position
Outstanding FX position ns) Equivalent us sure Cash Equivalents & Monetary Assets 10.482 1.176 Trade Receivables 649 Total Assets Financial Liabilities Trade Payables Other Current Liabilities Current Liabilities Financial Liabilities Non Current Liabilities Total Liabilities Net Position D Ulker ha
Slide 36: 2021 Guidance
Zities Saklikoy Vulafli VILDIZ * HOLDING pene WY AGENDA 36 8 2021 Guidance iiLKER
Slide 37: 2021 Guidance
2021 Guidance 2021 N et Sales 15% growth EBITDA Margin VILDIZ * HOLDING
Slide 38: Investor relations contact
Investor relations contact For further information please e-mail [ 2 routkercomt: or call | Ulker Investor Relations & +90 (216) 524 25 56 Beste Tasar Investor Relations Director +90 (216) 524 25 56 a & beste.tasar@ulker.com.tr ® http:/ulkerbiskuviyatirimciiliskileri.com VILDIZ * HOLDING
Slide 39: Disclaimer
Disclaimer This presentation contains information and analysis on financial statements and is prepared for the sole purpose of providing information relating to Ulker BiskUvi SanayiA.S. (“Ulker”) This presentation contains forward-looking statements which are based on certain expectations and assump
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