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2014 – 1Q

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PINAR ENTEGRE ET VE UN SAN. A.Ş.
Earnings Presentation, 2014 Q1
Highligths
•Innovative and pioneer
•More than 300 SKUs
•R&D expertise
•Among most admired
companies in Turkey*
•Among Turkey’s
Superbrands**
•One of the top ten most
reputable brands ***
Product
Portfolio
Brand
Equity
•Food safety and quality at
every stage from supply to
final product
•ISO 9001-2008
•ISO 14001
•ISO18001
•FSSC 22000
•ISO 50001
•YBP – Turkey’s biggest
nationwide cold and frozen
distribution chain
•More than 150.000 sales
points
•Technical know-how and
expertise
•Synergy in the distribution of
dairy and meat products
Quality
Distribution
Network
* GFK&Repman 2013 ** Capital&GFK 2013 *** Superbrands
•Hygenic and EU standard
production
•Technical expertise & sectoral
know how
Production
•Purchase operations spread
out to 6 territories
•Strong relations with farmers
•Contractual stock farming
Supply
1
Market Dynamics
Price of Food Products
Food Prices
(% change)
Carcass Meat Average Prices (TL)
Processed Food
Unprocessed Food
2012
20
A slight decline in
2014 Q1 in
unprocessed food
prices
2013
2014
15
10
J

Packaged Delicatessen Share
64,63%
65,15%
67,25%



Source: Nielsen 2011
2012
2013
A
J
O
In 2013, the red meat production was 996K
tons with an increase of %8.8 and the
poultry meat (chicken&turkey) production
was 1798K tons with an increase of %1.8.
(TUIK)
Per capita red meat consumption is 13.01kg
in 2013 while it was 12.11 in 2012.
Registered delicatessen market is around
67K tons (1,4 bn TL) (Nielsen)
Growth trend in the segment of small
portion salami products and frozen floury
products.
2
Ahead of Competition - I
Products
Share
Position
Salami
47,4%
Lider
Sausage
38,1%
Lider
Soujouk
16,0%
Lider
Total Delicatessen
23,7%
Lider

Pınar Et, increasing its market share in
total
delicatessen,
maintained
its
leadership with 23,7% market share which
is more than double of nearest competitor.
(2013: %22,9)

As the leader brand Pınar, brought new
reforms to the category with new tastes.
Source: Nielsen, 2014-Q1, Value Share
Pazar Payı Karşılaştırması

Market narrowed by %11.6 in terms of
volume and grew by %10.5 in terms of
value in 2013. Despite the contraction in
the market, Pınar Et increased its market
shares in all delicatessen segments.
(Nielsen)
60%
Pınar
Nearest Competitor
40%
20%
0%
Salami
Sausage
Source: Nielsen, 2014-Q1, Value Share
Soujouk
Total
Delicatessen
3
Ahead of Competition - II
43,9%
33,3%
35,2%
26,8%
25,8%
20,0%
15,7%
19,2%
14,7%
37,4%
35,3%
47,4%
Salam (Leader)
38,1%
Sausage (Leader)
28,4%
20,6%
16,2%
22,9%
23,7%
17,0%
16,0%
Total Delicatessen
(Leader)
Soujouk (Leader)
2010
2011
2012
2013
2014-Q1
Source: Nielsen – Value Share
Pınar Et increased its market shares of all delicatessen segments in 2014 Q1.
4
New Products & Product Differentiations
Pınar Börek
Pınar Pizzato Mini
Pınar Kadınbudu Meatball
Campaigns
Frozen Meatballs
Pınar Açbitir Salami
Pınar Gourmet Soudjouk
www.lezzetfikirleri.com
6
Product Groups & Sales Channels
Breakdown of Net Sales (2014-Q1)
Fresh Meat;
7%
Others; 4%
 Continued to focus on high
value added products.
Breakdown of Distribution Channels (2014-Q1)
Processed
Products;
89%
Direct;
21%
Export;
3%
YBP;
76%
7
PINAR ENTEGRE ET VE UN SAN. A.Ş.
Financial Results
Sales and profitability
Net Sales (Mn TL)
Gross Profit (Mn TL)
83,1
CAGR %12
307,8
352,8
383,7
479,3
64,7
416,4
72,4
59,9
60,3
%30,0
100,0
2009
2010
2011
2012
2013
1Q13
129,9
1Q14
2009
2010
2011
2012
2013
18,7
19,8
1Q13
1Q14
7,8
9,0
Net Profit (Mn TL)
 In 1Q 14, the net sales grew by %30 compared
to 1Q 13, driven mainly from price and product
mix. The product prices are upwards in sector.
 Although not to be able to reflect the increases
in raw material totally, the better operational
performance and the increase in association
revenues balanced the margins.
40,1
39,5
38,3
29,7
2009
2010
2011
32,7
2012
2013
1Q13
1Q14 9
Income Statement
(Million TL)
31.03.2014
Net Sales
129,9
Cost of goods Sold
(110,1)
Gross Profit
19,8
R&D Expenses
(0,3)
Sales, Distribution and Marketing Expens
(7,4)
General Administration Expenses
(4,6)
EBIT
7,5
Share of Results of Investments in
Associates
2,1
Other Income
1,0
Other Expenses
(0,2)
Financial Income (Net)
0,5
Profit Before tax
10,9
Tax
(1,8)
Net Profit for the Period
9,0
EBITDA
10,0
Total Assets
455,0
Equity
309,4
31.03.2013 Difference % Change
100,0
(81,3)
18,7
(0,3)
(6,2)
(4,7)
7,6
29,9
(28,8)
1,1
(0,0)
(1,2)
0,1
(0,1)
30,0
35,5
5,9
8,9
19,6
(1,1)
(1,0)
0,8
0,4
(0,1)
0,9
9,6
(2,0)
7,6
10,5
427,8
323,8
1,3
0,6
(0,1)
(0,5)
1,2
0,2
1,4
(0,5)
27,3
(14,4)
155,9
163,6
262,0
(50,7)
12,6
(9,0)
18,4
(4,4)
6,4
(4,4)
10
Profit Margins
Gross Margin (%)
17,4%
15,7%
2011
17,3%
EBIT Margin *(%)
18,7%
7,9%
15,2%
2012
2013
1Q13
1Q14
14,5%
4Q13
10,1%
10,5%
8,7%
2011
2012
2013
7,6%
6,3%
2011
5,8%
2012
2013
1Q13
1Q14
5,1%
4Q13
Net Profit Margin (%)
EBITDA Margin **(%)
10,0%
7,9%
1Q13
7,7%
7,7%
7,4%
1Q14
4Q13
* Ex. Other income and expenditures
2011
7,8%
2012
8,0%
2013
7,6%
1Q13
** Earnings before Interest, Tax, Depreciation, and Amortization
6,9%
6,6%
1Q14
4Q13
11
Quarterly Results
Net Sales (Mn TL)
130
122
100
 Despite the shrank in the market in terms of
volume, Pınar Et maintained a strong growth
by %14 in terms volume and by %30 in terms
of value.
EBITDA* (Mn TL)
10,5
10,0
9,0
1Q13

1Q14
4Q13
In 2014 Q1, we increased all profit margins with the
succesful pricing strategy, QoQ.
1Q13
* Earnings (ex. other income and expenditures) before tax, dep. and amortization.
1Q14
4Q13
12
Basic Ratios, Net Financial Debt &
Net Working Capital
31-Mar-14
31-Dec-13
(Million TL)
31-Mar-14
31-Dec-13
Current ratio
1,29
1,70
Cash & Cash Equivalents
7,21
13,78
Leverage ratio
0,32
1,00
0,25
0,06
S/T Bank Borrowings
L/T Bank Borrowings
0,94
0,00
0,80
11,66
-
-
Net Financal Debt
(6,3)
(1,3)
0,00
0,04
S/T Fin Debt/T. Fin Debt
Net Financial Debt/EBITDA
Total Fin Debt/Equity
* Finansal borç aynı koşullarda Grup Şirketlerine devredilmiştir.
80
60
 Continuous focus on risk
management and
productivity
 Effective working capital
management
 Strong balance sheet and
liquidity management
40
Mn TL
20
0
-20
-40
-60
-80
Trade Receivables
Trade Payables
Inventories
13
Dividends
90,4%
79,0%
74,7%
66,8%
61,6%
0,14 TL
2004
0,23 TL
7,9%
2005
0,28 TL
0,36 TL
6,9%
2006
8,5%
2007
Dividends
PerTemettü
Share
Hisse
Başı Net
(Net)
84,4%
59,9%
0,62 TL
11,5%
90,8%
0,65 TL
0,53 TL
19,5%
0,12 TL
4,5%
2008
9,6%
2009
PayoutÖdeme
Ratio Oranı
Temettü
8,6%
2010
0,54 TL
9,4%
6,3%
2011
2012
Temettü
Verimi*
Dividend
Yield
14
Overview of 2014 Q1
 The raw material prices began to follow an upward trend in the end of
2013 and this situation has continued in 2014 Q1. The raw meat prices are
higher by %22 when compared to 1Q 13.
 Cost saving measures and projects to improve production efficiency have
continued. (OMI-Lean Six Sigma Projects)
 Continued to focus on high value added products and smaller packaged
products suitable for purchasing power of consumers.
15
Strategies
Growing above market growth rates in the segments we operate in, with;
 An effective inventory management,
 A product portfolio targeting needs of various segments
 A wide spread distribution
 An efficient utilization of social media
 Developments in “Away from Home” market
 Continuing marketing investment.
16
Ownership & Participation Structure
Share Performance
Shareholder Structure
Share Performance
Others
140
Relative and Absolute Performance
of Pınar Et Shares
8,00
6,80
120
100
80
94,76
60
40
20
-
İMKB-TÜM'e Göre (Sol Eksen)
7,00
6,00
5,00
4,00
3,00
2,00
1,00
0,00
PETUN (Sağ Eksen)
31.12.2010 = 100
%38,0
%23,4
%44,9
%26,4
17
Disclaimer and Contact Information
This presentation does not constitute an offer or invitation to purchase or subscription for any
securities and no part of it shall form the basis of or be relied upon in connection with any
contract or commitment whatsoever. This presentation contains forward-looking statements
that reflect the company management’s current views with respect to certain future events.
Although it is believed that the expectations reflected in these statements are reasonable, they
may be affected by a variety of variables and changes in underlying assumptions that could
cause actual results to differ materially. Neither Pınar Entegre Et ve Un San. A.Ş. nor any of its
affiliates, advisors, representatives, directors, managers or employees nor any other person
shall have any liability whatsoever for any loss arising from any use of this presentation or its
contents or otherwise arising in connection with it.
Company’s financial statements are available on www.kap.gov.tr and www.pinar.com.tr
websites.
Investor Relations Department
Tel: 90 232 482 22 00
Fax: 90 232 484 17 89
[email protected]
18
Thank You
PINAR ENTEGRE ET VE UN SAN. A.Ş.
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