PINAR ENTEGRE ET VE UN SAN. A.Ş. 2012 3Q Earnings Presentation
Pınar Et Highlights • Innovative and pioneer • #1 processed meat brand that • Hygenic and EU standard comes to mind* • More than 300 SKUs production • Most admired brand in packaged • Technical expertise & • R&D expertise meat category ** sectoral know how •Among Turkey’s Superbrands*** •Best New Product, Pınar Gurme and Açbitir Salam**** • Best Package , Pınar Gurme Soudjouk and Açbitir Salam***** Product Brand Production Portfolio Equity • YBP – Turkey’s biggest • Food safety and quality at • Purchase operations nationwide cold and frozen every stage from supply to spread out to 6 territories distribution chain final product • Strong relations with • More than 150.000 sales • ISO 9001-2008 farmers points • ISO 14001 • Contractual stock farming • Technical know-how and • ISO18001 expertise • ISO 22000 HACCP • Synergy in the distribution of dairy and meat products Distribution Quality Supply Network * GFK 2011 ** Capital GFK 2010*** GFK&Repman 2012****BrandSpark Pınar Et 2012***** Ambalaj Ay Yıldızları 2012 1
Market Dynamics Processed Food Products Prices Carcass Meat Average Prices (TL) 2010 2011 2012 20 Processed milk and meat prices 15 which decreased in the 2Q of 10 2012, have gone Ocak Nisan Temmuz Ekim up in 2Q12. Red meat & Poultry production in 2011 is around 2,4 million tons. (TSI) Source: Turk Stat, CBRT Red meat market is 1 m tons, and nearly 10 billion USD Delicatessen Penetration (%) Trend towards value -added products Registered delicatessen market over 100 thousand tons (1 billion USD) (Total market is estimated to be over 200 thousand tons) Per capita meat consumption in Turkey (36Kg), though showing improvements, is still around world average. 2011 2012 The penetration of Pınar Delicatessen Products is %38 in Unpackaged Packaged 2011. (2010:%37,7) Food category has decreased its share within FMCG from Source: IPSOS %48,7 to %47,3 in 2012 9M. Pınar Et 2
Ahead of Competition - I Products Market Share Position Pınar Et maintains its leadership with 21% market share, which is above twice the Salami 38% Leader share of the nearest competitor. (2012 Sausage 28% Leader 2Q:%20) Soujouk 16% Leader As the leader brand Pınar, brought new Total Delicatessen 21% Leader reforms to the category with new tastes. Source: Nielsen 2012 9M- Value Share Market Share Comparison 40% Pınar En Yakın Rakip The competitors in the packaged market are Aytaç, Polonez, Banvit, 20% Namet and Maret. Pınar Et is the leader in all 0% segments of delicatessen. Salami Sausage Soujouk Total Delicatessen Source: Nielsen, 2012 9M- Value Share Pınar Et 3
Ahead of Competition - II 40% 38% 34% 33% Sucuk (Lider) 35% 30% 30% 27% 28% 28% 25% Sosis (Lider) 25% 20% 16% 15% Salam (Lider) 15% 16% 15% 10% 9M 2009 2010 2011 2012 9A Source: Nielsen - Value Share Pınar Et 4
New Products & Product Differentiations New launches of up-premium Pınar Gurme Series to clinch the expert perception of Pınar Brand; of Pınar Delight series as first light charcuterie products in the category and of new Şölen types for those seeking different tastes, have been made. Pınar Et 5
Pınar Şölen Soujdouk Campaign Pınar Et 6
Pınar Gurme Soudjouk Campaign Pınar Et 7
Pınar Soudjouk Ramadan Campaign Pınar Et 8
Breakdown of Net Sales by Product Groups & Sales Channels Product Groups (2012 9M) Diğer; 4% Others Fresh Meat Taze Et; 11% Şarküteri; Delicatessen Sales Channels (2012 9M) 50% İleri Direct Frozen İşlenmiş Ready 24% Ürünler; Meal 35% Export 2% YBP 74% Pınar Et 9
Growth in Sales Growth Rates of Product Groups 9% 180 2011 9A 2012 9A 2011 2012 9M 9M 160 140 Continued to 19% 120 focus on high value added products 100 80 -12% 60 36% Million TL 40 20 0 Diğer Taze Et İleri İşlenmiş Şarküteri Ürünler Net Sales have grown by 9,8% in 2012 9M, YoY. Pınar Et 10
Financial Results
Sales & Profitability Net Sales (Mn TL) Gross Profit (Mn TL) %17,5 62,2 65,1 64,7 59,9 60,3 %16,7 383,7 55,4 352,8 317,0 306,1 48,1 307,8 288,7 281,0 2007 2008 2009 2010 2011 9M11 9M12 2007 2008 2009 2010 2011 9M11 9M12 EBITDA* (Mn TL) ► In 2012 9M, the net sales grew by %9,8 42,5 41,2 42,2 40,2 %10,1 compared to 2011 9M, driven from both volume %9,8 33,4 32,0 and price. 28,2 ► Stabilization in prices of raw materials, reduction in operational expenses and our price policies boosted the Gross Profit and EBITDA margins compared to 2011 9M. * Earnings (ex. other income and expenditures) 2007 2008 2009 2010 2011 9M11 9M12 Pınar Et 12 before tax, dep. and amortization.
Income Statement 30.09.2012 30.09.2011 Difference % Change (Million TL) Net Sales 317,0 288,7 28,3 9,8 Cost of goods Sold (261,6) (240,6) (21,0) 8,7 Gross Profit 55,4 48,1 7,3 15,1 R&D Expenses (0,9) (0,7) (0,2) 32,7 Sales, Distribution and Marketing E (16,8) (15,6) (1,2) 7,9 General Administration Expenses (12,8) (10,5) (2,4) 22,8 EBIT 24,8 21,4 3,4 16,1 Share of Results of Investments in Associates 1,1 8,6 (7,6) (87,6) Other Income 0,8 0,8 0,1 8,5 Other Expenses (0,9) (0,6) (0,3) 52,1 Financial Income (Net) 3,7 1,7 2,0 117,1 Profit Before tax 29,6 31,9 (2,4) (7,4) Tax (5,7) (4,7) (1,0) 21,9 Net Profit for the Period 23,8 27,2 (3,4) (12,4) EBITDA 32,0 28,2 3,8 13,6 Total Assets 420,5 383,7 36,8 9,6 Equity 306,6 275,4 31,1 11,3 Pınar Et 13
Profit Margins Gross Profit Margins (%) Gross Profit Margins (%) Operation Profit Margins* (%) Operation Profit Margins* (%) 10,8% 21,0% 18,3% 9,0% 8,6% 8,8% 17,0% 16,9% 7,8% 15,7% 15,7% 6,3% 2009 2010 2011 3Q11 3Q12 2Q12 2009 2010 2011 3Q11 3Q12 2Q12 EBITDA Margins** (%) EBITDA Margins** (%) Net Profit Margins (%) Net Profit Margins (%) 13,0% 13,7% 11,2% 11,1% 11,5% 11,4% 10,9% 8,9% 9,7% 7,7% 8,7% 5,7% 2009 2010 2011 3Q11 3Q12 2Q12 2009 2010 2011 3Q11 3Q12 2Q12 14 Pınar Et * Ex. Other income and expenditures ** Earnings (ex. other income and expenditures) before tax, dep. and amortization.
Quarterly Results Net Sales (Mn TL) 113,5 112,0 ► Compared to 2011 3Q, the gross margin 101,3 increase has been achived in 2012 3Q. %1 %12 EBITDA* (Mn TL) 12,2 11,7 11,0 3Q11 3Q12 2Q12 ► The declines in gross and EBITDA margins in 2012 3Q compared to 2012 2Q caused by the upward trend observed in raw material prices and the competitive conditions in the market. 3Q11 3Q12 2Q12 15 Pınar Et * Earnings (ex. other income and expenditures) before tax, dep. and amortization.
Basic Ratios, Net Financial Debt&Net Working Capital September 30, 2012 December 31, 2011 September 30, 2012 December 31, 2011 (Million TL) Current ratio Cash & Cash Equivalents 1,65 1,75 4,04 4,13 Leverage ratio S/T Bank Borrowings 0,27 0,27 21,04 22,15 S/T Fin Debt/T. Fin Debt L/T Bank Borrowings 1,00 0,64 0,00 12,22 Net Financial Debt/EBITDA Net Financal Debt 0,46 0,90 17,00 30,24 Total Fin Debt/Equity 0,07 0,11 70 • Continuous focus on risk 50 management 30 • Effective working capital management 10 Mn TL • Strong balance sheet and liquidity -10 management -30 -50 Trade Recevables Trade Payables Inventories -70 Pınar Et 16
Overview of 2012 9M Stabilization of raw material prices, gained through Ministerial arrangements regarding imports starting from last quarter of 2011, has also continued partially in 9m12. On the other hand, raw material prices in 2Q12 were higher compared to 2Q11. In 3Q12, an increase in the raw material prices has been observed. Continued to focus on high value added products, smaller packaged products suitable for purchasing power of consumers. Cost saving measures and projects to improve production efficiency have continued. The marketing investments have continued in line with our strategies in 2012 9M. Pınar Et 17
Strategies and Targets Growing above market growth rates in the segments we operate in, with; Effective price management Product portfolio targeting needs of various segments Wide spread distribution Efficient utilization of social media Developments in “Away from Home” market Continued marketing investment. 2012 TARGETS Growth in Net Sales : %10 - %12 EBITDA Margin: %10 - %11 Capex: 10 - 15 Million TL Pınar Et 18
Ownership & Participation Structure Share Performance Ownership Structure Share Performance Pınar Et Hissesinin Mutlak ve Göreceli Performansı Relative and Absolute Performance Free Float; (İMKB - TÜM ile Kıyaslı) 140 of Pınar Et Shares 10 120 8 100 6 80 60 4 40 2 20 - 0 Relative to ISE-TUM (left axis) PETUN (Right Axis) İMKB - TÜM'e Göre (Sol Eksen) PETUN (Sağ Eksen) 31.12.2010 = 100 %38,0 %23,4 %44,9 %26,4 Pınar Et 19
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