Atakey Patates Gida Sanayi Ve Ticaret As · BIST:ATAKP
Atakey Patates Gida Sanayi Ve Ticaret As — Atakey Patates Gıda Sanayi ve Ticaret A.Ş. — FY2023 Earnings Presentation
26 slides from Atakey Patates Gida Sanayi Ve Ticaret As's earnings presentation, 2024
Slide 1: 2023 Year End & Q4 Financial Results
2023 Year End & Q4 Financial Results
Slide 2: Disclaimer
Disclaimer Revision of Financial Statements in Accordance with International Accounting Standard 29 (IAS 29) for Hyperinflationary Economies: Entities operating with a functional currency from a hyperinflationary economy are required to adjust their financial reports to reflect changes in general pr
Slide 3: Disclaimer
Disclaimer This presentation includes forward-looking statements, including, but not limited to, statements regarding ATAKey's plans, objectives, expectations, and intentions, and other statements that are not historical facts. Forward-looking statements can generally be identified by the use of wor
Slide 4: Business Results Key Highlights
Business Results Key Highlights 4
Slide 5: Strong Financial Performance: A Closer Look with and Without IAS 29
Strong Financial Performance: A Closer Look with and Without IAS 29 Accounting Method Without IAS 29*** With IAS 29 IPO Valuation Target Reach Actual Actual Actual Actual Actual Actual Forecast * Ratio%** (Million TRY) 2022 2023 Growth 2023 2023 2022 2023 Growth Revenue 1,106 1,998 81% 2,261 88% 2,1
Slide 6: Key Highlights
Key Highlights 1 Unique end to end agricultural journey from seeding to the product under contract farming. 2 Strong regional position as one of the top producers in EU 3 Global certification with an access to key global export markets including sustainability and ESG leadership 4 Strong product por
Slide 7: Unique Agricultural Journey: Three-Year Cultivation Process
1.1 Unique Agricultural Journey with Commitment to Quality and Innovation : Three – Year Cultivation Process YEAR 1 YEAR 2 • Global sourcing for Premium Seeds • Seed treatment and shipment to leased lands for planting • Strategic seed handling, storage and development at Atakey facility • Risk contr
Slide 8: Our Blueprint for Sustainable Farming Guarantees High Quality Potatoes
1.2 Our BluePrint for Sustainable Farming Guarantees the Production of High Quality Potatoes 2023 Production Production Developments in Q1 2024 Maintained position as Türkiye’s leading frozen potato • Successfully secured the Potato Seed Production Land Leasing, granting rights for cultivation on 3,
Slide 9: Strong Market Position Leveraging TFI Ecosystem, 3rd Party Sales & Exports
2.1 Strong Market Position By Leveraging indigenous TFI Ecosystem, 3rd Party sales & Exports Serving over 3000 QSR global Atakey Revenue Breakdown locations exclusively based on Customers 3rd Party Vertical BK Private Label Export 23% Production for Ecosystem Retailers AtaKey China 18% & others Ekur
Slide 10: Achieving Real Growth Involves Returning to Pre-COVID Production Volumes
2.2 Achieving Real Growth Involves Returning to Pre-COVID Production Volumes Production & Sales Volumes (Thousand Tons) Covid -19 Effect (-) 66 61 58 56 23 9 13 49 9 Export 45 11 11 8 5 16 13 3rd Party 67 63 9 5 59 54 52 38 42 41 37 TFI Grup TFI GroupTürkiye 28 32 27 Türkiye Sales Production Sales P
Slide 11: Unique Position in Export Markets from Global RBI Certification
3. Unique position to take advantage of export markets as a result of Global RBI certification. Quarterly Export RBI Certificate + 100 Countries** Continuing Growth Period. Expanded Volumes exports to Brazil, South Korea, Bulgaria, Export N. Cyprus and N. Macedonia (Thousand Tons) 12% Sales (+)* 25
Slide 12: Strong Product Portfolio with Expanding Margins
4. Strong product portfolio with expanding margins 2 Years Current Product Portfolio 2024 New Products Shelf Life Trans- Fat GMO Higher margin product line investment initiated in Free Free 2024 Q1 Coated Onion Ring Cheese Sticks Finger Potato Apple Slice CoatedApple Slice Investment Projections Tar
Slide 13: Financial Results 2023 Q4 - Year End Without IAS
Financial Results 2023 Q4 - Year End Without IAS 29 13
Slide 14: Q4 and Full Year 2023 Results Without IAS 29
In 2022, post-Covid effect on profit normalized by 2023 and returned to a sustainable growth path Without IAS 29 * Revenue Gross Profit EBITDA Net Profit (TRY) (TRY) (TRY) (TRY) 559 Million 165 Million 159 Million 320 Million 2023 2023 2023 2023 Q4 Q4 Q4 Q4 +37% y/y 29% Margin 28% Margin 57% Margin
Slide 15: Key Financial Figures (Without IAS 29)
Key Financial Figures (Without IAS 29*) Revenue (Million TRY) & Margins % 2023 Revenue (Million TRY) Post- Covid inventory 1.998 500 50% 683 1998 47% effect 1,998 Revenue 40% 1.998 40% 000 34% EBITDA margin % 30% 31% 500 22% Net Profit margin % 20% 1,106 10% 000 0% 500 368 -10% -13% - -20% 2021 2022
Slide 16: Near to Zero Debt and Effective NWC Management (Without IAS 29)
Near to Zero Debt and Effective NWC Management (Without IAS 29*) Cash Position Net Debt excl. IPO Fund (2023 Year End) Other 700 7.1 672 7.0 Cash, 31% 586 Net Debt 600 6.0 excl. IPO Fund 500 5.0 (Million TRY ) 466 Total Cash 400 4.0 361 876 Million TRY 300 3.0 IPO Fund, 200 2.0 69% Net Debt/EBITDA 1
Slide 17: Financial Results 2023 Year End with IAS
Financial Results 2023 Year End with IAS 29 17
Slide 18: 2023 Financials Summary With IAS
2023 Financials Summary With IAS 29 (Inflation Accounting) Revenue Gross Profit EBITDA Net Profit (TRY) (TRY) (TRY) (TRY) 296 Million Full Year 2.548 Million 642 Million 636 Million Full Year Full Year Full Year 2023 2023 2023 2023 +19% y/y +10% y/y +4% y/y -68% y/y 25% Margin 25% Margin 12% Margin
Slide 19: Temporary Effect of Inflation Accounting on Net Profit
Temporary Effect of Inflation Accounting on Net Profit 2022 Net Profit Effects Major Reasons of IAS 29 Effect on Net Profit Monetary Gain Effect : The Cumulative Effect of Inflation Accounting is assessed over multiple years. The impact of inflation on the financials for each subsequent year will be
Slide 20: 2022-2023 Trends (with IAS 29)
2022- 2023 Trends (with IAS 29 – inflation accounting) 2023 Revenue (Million TRY) & Margins 2023 Revenue (Million TRY) 2,600 2,548 Revenue 50% 45% 2,500 43% 40% 2,400 35% 30% 2,300 29% 25% EBITDA margin % 25% 2,548 2,200 2,146 20% 2,100 15% 12% Net Profit margin % 10% 2,146 2,000 5% 1,900 0% 2022 20
Slide 21: Near to Zero Debt and Effective NWC Management (with IAS 29)
Near to Zero Debt and Effective NWC Management (with IAS 29) Cash Position Net Debt excl. IPO Fund (2023 Year End) Other Cash, 900 Net Debt 768 1.60 31% 800 excl. IPO Fund 1.40 (Million TRY )700 1.20 600 1.25 1.00 Total Cash 500 361 876 Million TRY 0.80 400 IPO 0.60 300 Net Debt/EBITDA Fund, 200 0.5
Slide 22: Guidance For 2024
Guidance For 2024 2024 Full Year Revenue 3,452* EBITDA 1,021* EBITDA margin 30%* (Million TRY) New Product Line Target Date to Start Production November 2024 Investment BIST Index Targets Continue to be listed in the Complete BIST Participation Index BIST Sustainability Index Requirements *Based on
Slide 23: Financial Statements 2023 Year End with IAS
Financial Statements 2023 Year End with IAS 29 23
Slide 24: Balance Sheet (with IAS 29)
Balance Sheet (with IAS 29) 24
Slide 25: Income Statement (with IAS 29)
Income Statement (with IAS 29) 25
Slide 26: Thank You!
ThankYou! STRICTLY CONFIDENTIAL
Atakey Patates Gıda Sanayi ve Ticaret A.Ş. — FY2023 Earnings Presentation on 6ix