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PINAR ENTEGRE ET VE UN SAN. A.. PINAR ENTEGRE ET VE UN SAN. A.. 2011 Q3 Investor Presentation Pnar Et Highlights Innovative and pioneer #1 processed meat brand that Hygenic and EU standard comes to mind* production More


  1. PINAR ENTEGRE ET VE UN SAN. A.Ş. PINAR ENTEGRE ET VE UN SAN. A.Ş. 2011 Q3 Investor Presentation

  2. Pınar Et Highlights •Innovative and pioneer •#1 processed meat brand that •Hygenic and EU standard comes to mind* production •More than 300 SKUs •Most admired brand in •Technical expertise & sectoral •R&D expertise packaged meat category ** know how •Among Turkey’s Superbrands*** Product Brand Production Portfolio Equity •Food safety and quality at •YBP – Turkey’s biggest •Purchase operations spread every stage from supply to nationwide cold and frozen out to 6 territories final product distribution chain •Strong relations with farmers •ISO 9001-2008 •More than 150.000 sales •Contractual stockfarming points •ISO 14001 •Technical know-how and •ISO18001 expertise •ISO 22000 HACCP •Synergy in the distribution of dairy and meat products Distribution Quality Supply Network * Ipsos 2010 ** GFK 2010 ***Superbrands International 2008 1

  3. Market Dynamics FMCG Value Growth (ex. tobacco) Carcass Meat Average Prices (TL) 8% Real Growth 7,1% 2008 2009 2010 2011 20 6% 15 3,1% 4% 2,6% 10 2% 0,3% 5 0% 2008 2009 2010 YGB '11 YTD 0 � Food category which has increased its share within � Food category which has increased its share within FMCG from %45 to %48 through a value growth in 1H11, YoY. Source: Nielsen � Red meat & Poultry production in 2010 is around 2 Processed Meat- Packaged (%) million tons. (TSI) Paketli Şarküteri Miktar Payı (%) � Red meat market is 800 tons, and nearly 8,5 billion 68% USD 65% � Trend towards value -added products 61% � Registered delicatessen market over 100 thousand tons (1 billion USD) (Total market is estimated to be over 200 thousand tons) 2008 2009 2010 � Per capita red meat consumption in Turkey (32Kg), though showing improvements, is still around world Source: IPSOS average. 2

  4. Ahead of Competition Products Market Share Position Frozen Ready Meal (Meat) 56% Leader � Pınar Et maintains its leadership with 19% Salami 34% Leader market share, which is above twice the share Sausage 25% Leader of the nearest competitor. Soujouk 15% Leader Total Delicatessen Total Delicatessen 19% 19% Leader Leader ������� ��������������� ����������� Market Share Comparison 60% Pınar Nearest Competitor 40% � The competitors in the packaged market 20% are Aytaç, Polonez, Banvit and Maret. 0% Frozen Ready Salami Sausage Soujouk Total Meal (Meat) Delicatessen ������� ��������������� ����������� 3

  5. New Products & Product Differentiations ��� ��������� ����� � ölen Kimyonlu sucuk � � ����� � ölen Çemenli sucuk � Pınar Delight sucuk � Pınar Gurme sucuk � Pınar Gurme sosis � Pınar Açıkbüfe Delight salam � Pınar Fıstıklı salam �������������������������������� ����� ����������������������������������������������� ��������������� ������������������������ ������������������������������������������������������ !��� �������������������"��������������������#���$��%��������& 4

  6. Product Groups and Sales Channels Product Groups (9M11) Others; 3% Fresh Meat; 13% Delicatessen; 54% Sales Channels (9M11) Sales Channels (9M11) Frozen Ready Frozen Ready Meal; 30% Direct 21,1% Export 1,4% YBP 77,5% 5

  7. Growth in Sales Growth Rates of Product Groups 200 9M10 9M11 12% 150 Million TL 8% 100 Continued to strategy Mill focusing on high value focusing on high value added products. -5% 50 -19% 0 Others Fresh Meat Frozen Ready Delicatessen Meal Net Sales has grown by 6,8% in 9M11 compared to 9M10 6

  8. Growth in the Number of YBP Customers 2008 2009 2010 120 Thousands 100 80 60 40 20 0 Delicatessen Frozen Ready Meals 7

  9. FINANCIAL RESUL

  10. Sales & Profitability Net Sales (Million TL) Gross Profit (Million TL) 62 65 65 353 60 281 306 308 51 288,7 44,5 48,1 270,4 247 2006 2007 2008 2009 2010 9M10 9M11 2006 2007 2008 2009 2010 9M10 9M11 EBITDA* (Million TL) 43 41 42 40 In the 9M2011; 38 � Our sales have increased by %6,8, YoY, 30,0 28,2 � Our gross profit, exceeded that of 9M10, due to the governmental regulations for the import of live animals and carcass meat and decreased costs there of. * Earnings (ex. other income and expenditures) 2006 2007 2008 2009 2010 9M10 9M11 before tax, dep. and amortization. 9

  11. Income Statement 30.09.2011 30.09.2010 Change % Varriance (Million TL) Net Sales 288,7 270,4 18,3 6,8 Cost of goods Sold (240,6) (226,0) (14,7) 6,5 Gross Profit 48,1 44,5 3,6 8,2 R&D Expenses (0,7) (0,6) (0,0) Sales, Distribution and Marketing E (15,6) (11,4) (4,2) 37,3 General Administration Expenses (10,5) General Administration Expenses (10,5) (9,2) (9,2) (1,2) (1,2) 13,3 13,3 EBIT 21,4 23,2 (1,9) (8,1) Share of Results of Investments in Associates 8,6 9,1 (0,4) Other Income 0,8 0,9 (0,1) (15,7) Other Expenses (0,6) (0,2) (0,4) 201,6 Financial Income (Net) 1,7 3,2 (1,4) (45,3) Profit Before tax 31,9 36,2 (4,3) (11,8) Tax (4,7) (5,7) 1,0 (16,9) Net Profit for the Period 27,2 30,5 (3,3) (10,8) EBITDA 28,2 30,0 (1,8) (5,9) Total Assets 383,7 348,2 35,5 10,2 Equity 275,4 269,3 6,2 2,3 10

  12. Profit Margins Gross Profit Margins (%) Operation Profit Margins* (%) 10,8% 10,7% 21,3% 21,0% 8,6% 8,6% 17,0% 16,7% 16,4% 7,4% 2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11 EBITDA Margins** (%) Net Profit Margins (%) 13,0% 13,7% 13,5% 11,3% 11,2% 10,4% 11,4% 11,1% 9,4% 9,8% 2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11 * Ex. Other income and expenditures 11

  13. Quarterly Results Net Sales (Million TL) 112,0 98,8 94,7 � In 3Q2011 our net sales have grown compared to both 2Q2010 and 1Q2011. %13 %18 EBITDA* (Million TL) 3Q10 3Q11 2Q11 12,2 10,6 � Focused on marketing investments in %105 %15 2011, according to our strategies. Price 5,9 competition is continuing in the market. * Earnings before Interest, Tax, Depreciation, and Amortization 3Q10 3Q11 2Q11 12

  14. Basic Ratios, Net Financial Debt&Net Working Capital September 30, 2011 December 31, 2010 September 30, 2011 December 31, 2010 (Million TL) 1,75 Current ratio 1,72 2,22 Cash & Cash Equivalents 2,25 0,64 Leverage ratio 0,28 0,21 S/T Bank Borrowings 13,22 10,25 0,51 0,06 12,58 S/T Fin Debt/T. Fin Debt L/T Bank Borrowings 9,13 Net Financial Debt/EBITDA 0,61 0,23 Net Financal Debt 23,55 Total Fin Debt/Equity 0,09 0,04 65 � A 95% rise in net cash generated � A 95% rise in net cash generated 55 55 from operating activities 45 35 9M10 9M11 25 13,6 Million TL 26,5 Million TL 15 Million TL 5 -5 •Continuous focus on risk -15 management -25 •Effective working capital -35 management -45 •Strong balance sheet and liquidity -55 management Trade Recevables Trade Payables Inventories -65 13

  15. Overview of 9M11 � ��� �� ��� �������� �� ��� ������ �� ��� ���� ������ �������� �� ��� ������ ���� �� ���� ��� ���������� ���� �� ����� ��� ���� ������ �� � ������ �!�������������" #� � ������ �� �� ��������� ������������� ����� ��� ���� $������ �� ����� ��������� ������� ��% ���� ������ ����������" #���������� ��� ����� ����� &� ������� &����� �� ����" &����� �� ����" � '�������� �� ����� �� ���� ���� ����� ��������� ������� ���(���� �������� �����&�� ��� ���������� ��%�� �� ���������" � '��� �� ��� �������� ��� ���)���� �� ����� � ���������� ���������� �� � ���������" 14

  16. Strategies and Targets Growing above market growth rates in the segments we operate in, with; � Effective price management � Product portfolio targeting consumers of various segments � Product portfolio targeting consumers of various segments � Wide spread distribution � Continued marketing investment. 2011 TARGETS Growth in Net Sales : %5 - %7 EBITDA Margin: %10 - %11 Capex: 5 - 7 Million TL 15

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