Slide 1: Pınar Süt Earnings Presentation 2019-H1
Pınar Süt Earnings Presentation 2019-H1
Slide 2: Pınar Süt at a Glance
2019-H1 PINAR SÜT AT A GLANCE %1 1
Slide 3: Highlights
2019-H1 HIGHLIGHTS 779.3 9.2% 46.0 million Net Sales million TL Net Sales Growth EBITDA 22.0 4.4 1,043 employees in million USD million TL 2019-H1 export sales capex ˗ In the first 5 months of 2019 cow milk production occurred to 4.2 million tons in Turkey, decreased by 5.7% compared to the same per
Slide 4: Market Dynamics: Production and Cost
2019-H1 MARKET DYNAMICS PRODUCTION AND COST Production of Dairy Products in Turkey Raw Milk Production in Turkey +6.9% 22.1 TSI, thousand tons TSI 20.7 18.2 18.6 18.7 18.5 Products 2018-5M 2019-5M Change Drinking Milk 779.645 687.907 -12% Cow Cheese 311.464 293.856 -6% Yoghurt 487.377 483.154 -1% Ay
Slide 5: Market Dynamics: Consumption and Market
2019-H1 MARKET DYNAMICS CONSUMPTION AND MARKET Share of Packaged Products Packaged Products Penetration IPSOS IPSOS 92.6 93.0 93.2 93.7 52.1% 54.5% 39.9% 38.8% Milk Cheese Milk Cheese 2018-H1 2019-H1 Total Milk and Total Cheese Turnover and Volume Turkey's Dairy Market Segments (Turnover) Nielsen, B
Slide 6: Market Position
2019-H1 MARKET POSITION Pınar Süt and Competitors Market Shares Based on Products 2019-H1 , Nielsen, BIM Excl. Nielsen, 2019-H1 BIM Excl. Pınar Closest Competitor Product Share Position Total UHT Milk 27.3% 1# UHT Light Milk 53.0% 1# Enriched Milk (Kids) 76.0% 1# Protein Milk 52.0% 1# Total UHT Milk
Slide 7: Net Sales Breakdown
2019-H1 FINANCIALS NET SALES BREAKDOWN *Other Based on 13% Product Groups Dairy *Fruit juice, Products sauce, other 87% Based on Sales Export Channel 22.0 million Dollar 16% S. Arabia 22.5% Direct Kuwait 11.4% 2% Iraq 9.8% UAE 8.5% Qatar 7.6% *YBP Cyprus 5.1% 82% Bahrain 4.6% Other 30.5% 6
Slide 8: Income Statement
2019-H1 FINANCIALS INCOME STATEMENT 1/1/2019 1/1/2018 (Million TL) 6/30/2019 6/30/2018 Difference Change Net Sales 779.3 713.6 65.7 9.2% Cost of Goods Sold (677.7) (592.4) (85.3) 14.4% Gross Profit 101.7 121.2 (19.5) -16.1% R&D Expenses (6.6) (5.9) (0.7) 12.7% Sales, Distribution and Marketing (50.4
Slide 9: Sales and Profitability – Annually
2019-H1 FINANCIALS SALES AND PROFITABILITY – ANNUALLY Net Sales Gross Profit million TL 250.0 16.8% 16.1% 17.9% 15.9% 15.6% 17.0% 18.0% 16.0% 200.0 13.0% 14.0% 231.6 12.0% 150.0 196.8 10.0% 8.0% 1,488 100.0 191.1 1,240 157.7 162.4 6.0% 940 1,011 1,068 121.2 714 779 50.0 101.7 4.0% 2.0% 0.0 0.0% 2014
Slide 10: Sales and Profitability – Quarterly
2019-H1 FINANCIALS SALES AND PROFITABILITY - QUARTERLY Net Sales Gross Profit million TL 1,488 17.9% 1,240 15.9% 15.6% 15.7% 1,068 14.1% 12.1% 349 400 379 2016 2017 2018 2Q18 2Q19 1Q19 2016 2017 2018 2Q18 2Q19 1Q19 EBITDA Net Profit 8.7% 5.6% 6.9% 7.6% 7.5% 4.6% 6.0% 3.8% 3.3% 5.8% 0.9% 0.1% 2016 20
Slide 11: Financial Ratios and Capital Expenditures
2019-H1 FINANCIALS FINANCIAL RATIOS 2015/12 2016/12 2017/12 2018/12 2019/06 Current Ratio 1.16 1.23 1.21 1.07 1.07 Leverage Ratio 0.34 0.36 0.43 0.44 0.45 Current Borrowings/Total Borrowings (Fin.) 0.93 0.56 0.64 0.81 0.91 Net Fin. Borrowings/EBITDA 0.34 0.76 1.69 1.16 1.63 Net Fin. Borrowings/Equit
Slide 12: Ownership Structure
2019-H1 OWNERSHIP STRUCTURE Shareholder Share Rate (%) Share Amount(TL) YAŞAR HOLDİNG A.Ş. 61.41 27,603,901.57 OTHER 38.59 17,347,149.68 Total 100.00 44,951,051.25 The company’s shares are traded at Borsa İstanbul Star Market under the ticker symbol PNSUT. 11
Slide 13: Disclaimer and Contact Information
2019-H1 DISCLAIMER AND CONTACT INFORMATON BİLGİLERİ 12