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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