Tat Gida Sanayi A.s. · BIST:TATGD
Tat Gida Sanayi A.s — Tat Gıda Sanayi A.Ş. — Q1 2022 Earnings Presentation
21 slides from Tat Gida Sanayi A.s's earnings presentation, 2022
Slide 1: Tat Gıda 1Q2022 Financial Results Review
TAT GIDA 1Q2022 FINANCIAL RESULTS REVIEW
Slide 2: Agenda
AGENDA 1Q2022 Financial Results Review Appendix 2
Slide 3: Financial Results: 1Q2022 Highlights
FINANCIAL RESULTS 1Q2022 HIGHLIGHTS 3
Slide 4: Strong Harvesting Season and Operational Performance
STRONG HARVESTING SEASON AND OPERATIONAL PERFORMANCE 1Q2022 Highlights Higher sales volumes in 1Q22, following strong harvesting season in 2021 with added capacities: Total amount of tomatoes processed increased by Net Sales* 32% to 503K tons and total production was up by 25% in FY2021. TL 537 mn
Slide 5: Net Sales Increased by 151% in 1Q2022
NET SALES INCREASED BY 151% IN 1Q2022 With higher added capacities, owing to finalized capex investments in 3Q21, and strong overall sales performance, total sales volume in 1Q22 increased by 77% yoy to 41K tons. Net sales reached TL537 mn; up by 151% yoy, due to higher volumes and price adjustm
Slide 6: Strong Export Volumes
STRONG EXPORT VOLUMES Total Exports (-net, in US$ mn*) +149% Total exports in 1Q22 reached TL247 mn (US$18 18 mn), displaying 371% growth yoy in TL terms and 149% in US$ terms. This represents 46% share in total sales vs. 25% in 1Q21. 7 Tat’s main export market was Europe in 1Q22. 1Q21 1Q22 *cal
Slide 7: Margins Recovered in 1Q22; Despite Tougher Market Conditions
MARGINS RECOVERED IN 1Q22; DESPITE TOUGHER MARKET CONDITIONS Higher COGS due to new harvesting season’s elevated prices, increased volume of tomato purchase, combined with weak TL led to a pressure on margins mainly in 3Q21. But, thanks to managing production costs and sales prices; gross profit
Slide 8: Operating Profit Increased by 228% YoY in 1Q22
OPERATING PROFIT INCREASED BY 228% YOY IN 1Q22 Investing to accelerate growth and enhance long-term market position. Marketing expenses reached TL50 mn in 1Q2022 vs. TL17 mn in 1Q2021; while total operating expenses was TL102 mn, displaying a yoy growth of 185%. Despite elevated expenses, oper
Slide 9: Strong Operational Performance Supported EBITDA Performance
STRONG OPERATIONAL PERFORMANCE SUPPORTED EBITDA PERFORMANCE EBITDA at TL81 mn in 1Q22, displayed a year-on-year increase of 211%; while EBITDA margin reached 16% in this quarter, vs. 13% in 1Q21. EBITDA (TL mn) EBITDA Margin +211% 85 16% 16% 15% 13% 11% 27 1Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 9
Slide 10: Net Financial Debt Came Down to TL132 mn
NET FINANCIAL DEBT CAME DOWN TO TL132 MN Net Financial Debt position, following a rise in 4Q21 TL mn 1Q2021 FY2021 1Q2022 due to elevated investments and harvesting season Cash and cash equivalents 337 106 252 costs, came down to TL132 mn in 1Q22 from TL293 ST Financial Debt 270 240 294 LT Financi
Slide 11: Net Profit from Ongoing Operations Reached TL95 mn in 1Q2022
NET PROFIT FROM ONGOING OPERATIONS REACHED TL95 MN IN 1Q2022 Due to tax incentives, Deferred tax expense of 0.1 mn in 1Q21 turned into income of TL4.4 mn in 1Q22. Strong operational performance together with deferred tax income, Net Profit from ongoing operations reached TL 95 mn in 1Q22 vs. TL
Slide 12: Appendix
APPENDIX 12
Slide 13: Key Stock Information <TATGD>
KEY STOCK INFORMATION <TATGD> Tat’s Shareholder Structure Other Key Data Kagome Co Ltd & Sumitomo Corp 6,4% Close (Apr 27, 2022) TAT GIDA <TATGD> has been trading on 5,2% Borsa Istanbul since 1993. The company is Koç Holding 12.65 TL/share also included in BIST Sustainability Indices. 43,7% Mcap
Slide 14: Recent Changes in Tat
RECENT CHANGES IN TAT In the last two years, Tat has reshaped its portfolio and increased its investments in its core area and “Tat” brand. Reshaped Portfolio for Revitalized core Business Development Growth operation Areas • Sale of PASTAVILLA brand • With a total investments • Accelerated digita
Slide 15: Investments in 2021
INVESTMENTS IN 2021 Investment expenditures reached TL134 mn (€13 mn) as of FY2021 vs. TL37 mn in FY2020. Tat has finalized capacity expansion investments in 3Q2021 worth €10 mn. Pickle capacity increased from 5K tons to 22K tons at Mustafakemalpaşa plant. With new tomato paste line at Karac
Slide 16: Tat in Numbers: Strong Growth and Sustainable Margins
STRONG GROWTH AND SUSTAINABLE MARGINS 2017-2021 Net Sales Gross Margin EBITDA performance* 32.1% CAGR 29.8% (avg) 44.0% CAGR Net Sales (TL mn)* Gross Profit (TL mn) & Gross Margin (%)* EBITDA (TL mn) & EBITDA Margin (%)* +32% +36% +45% 1.092 31% 32% 28% 29% 29% 803 +44% 17% 553 15% 464 14% 14% 359 3
Slide 17: Tat Future Vision
TAT FUTURE VISION Be the healthy eating partner of our consumers by supporting sustainable agriculture while growing our sales multinationally. Sustainable profit growth via • Growth in export markets • Strengthen leadership in Focus Areas domestic market • Expanding sales on Horeca • Customer cen
Slide 18: Income Statement - Summary (TL mn)
Income Statement - Summary (TL mn) FY2020 FY2021 ∆ YoY 1Q21 1Q22 ∆ YoY Sales 803 1.092 36% 214 537 151% Cost of Sales (-) 549 773 41% 153 354 131% Gross Profit 254 319 26% 60 183 203% Operating Expenses (-) 134 188 40% 36 102 185% Operating Profit 120 131 9% 25 81 228% EBITDA 134 151 13% 27 85 211%
Slide 19: Balance Sheet - Summary (TL mn)
Balance Sheet -Summary (TL mn) FY2019 FY2020 FY2021 1Q2022 1H2021 FINANCIAL Current Assets REVIEW 780 1.173 1.350 1.388 BALANCE SHEET Cash SUMMARY Trade receivables 10 384 121 446 106 474 252 467 Inventories 338 361 628 474 Non-current Assets 247 136 288 297 Total Assets 1.026 1.309 1.638 1.685 Curr
Slide 20: Disclaimer
DISCLAIMER This presentation does contain information and analysis on financial statements that reflect the Company management’s current views. Although it is believed that the information and analysis are correct and expectations reflected in these statements are reasonable, they may be affected by
Slide 21: Thank You
THANK YOU FOR FURTHER QUESTIONS PLEASE CONTACT: BANU ÇAMLITEPE - HEAD OF IR BANU.CAMLITEPE@TAT.COM.TR P: +90 216 430 00 00 EXT: 2015 TAT GIDA A.Ş. INVESTORRELATIONS@TAT.COM.TR TAŞDELEN MAHALLESI SIRRI ÇELIK BULVARI NO: 7 ÇEKMEKÖY - İSTANBUL 21