PINAR ENTEGRE ET VE UN SAN. A.Ş. PINAR ENTEGRE ET VE UN SAN. A.Ş. 2011 Earnings Presentation
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*** •One of the top ten most reputable brands**** 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 stock farming 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 * GFK 2011 ** Capital GFK 2010 ***Superbrands International 2008 **** Pınar Et 1 GFK&Repman 2012
Market Dynamics FMCG Value Growth (ex. tobacco) Carcass Meat Average Prices (TL) 2009 2010 2011 8% Real Growth 20 6,3% 6% 15 4% 3,1% 10 2,6% Source: 5 2% Nielsen 0,3% 0 0% Jan Apr Jul Oct 2008 2009 2010 2011 � Food category which has increased its share within FMCG � Red meat & Poultry production in 2010 is around 2,4 from %46 to %48 through a value growth in 2011. million tons. (TSI) Processed Meat Packaged (%) � Red meat market is 1 m tons, and nearly 10 billion USD 60% � Trend towards value -added products 55% 54% � Registered delicatessen market over 100 thousand tons (1 51% 40% billion USD) (Total market is estimated to be over 200 thousand tons) � Per capita red meat consumption in Turkey (36Kg), 20% though showing improvements, is still around world average. � The penetration of Pınar Delicatessen Products is %38 in 0% 2011. (2010:%37,7) 2009 2010 2011 Source: IPSOS Volume Share Pınar Et 2
Ahead of Competition Products Market Share Position � Pınar Et maintains its leadership with 19% Frozen Ready Meal (Meat) 55% Leader market share, which is above twice the Salami 34% Leader share of the nearest competitor. Sausage 25% Leader � As the leader brand Pınar, brought new Soujouk 15% Leader reforms to the category with new tastes. Total Delicatessen Total Delicatessen 19% 19% Leader Leader Market Share Comparison ������� �������������� ����������� 60% Pınar Nearest Competitor 40% � The competitors in the packaged market are Aytaç, Polonez, Banvit, Namet and 20% Maret. 0% Frozen Ready Salami Sausage Soujouk Total Meal (Meat) Delicatessen ������� ��������������� ����������� Pınar Et 3
Ahead of Competition 70% 64% Sucuk (Lider) 61% 60% 55% Sosis (Lider) 50% 40% 34% 33% Salam (Lider) 30% 30% 27% 25% 28% Dondurulmuş 20% Hazır Gıda (et) (Lider) 15% 16% 15% 10% 2009 2010 2011 ������� ��������� ����������� Pınar Et 4
New Products & Product Differentiations PRODUCT NEW TASTES DIFFERENTIATIONS CATEGORY CREATING NEW PACKAGE DESIGNS PRODUCTS �������������������������������� ����� ����������������������������������������������� ��������������� ������������������������ ������������������������������������������������������� ��� �������������������!��������������������"���#��$��������% Pınar Et 5
Campaigns 2011 � Our marketing campaigns have Pizzatto was awarded Kristal Elma prize in press field. continued in profitable and strategic categories. Major campaigns of 2011 : � Pınar Soudjouk Pınar Et 6
Campaigns 2012 � Our marketing campaigns have Facebook page “Fathers and Sons” have also been started in 2012. continued in profitable and strategic categories. Major campaigns of 20112: � Pınar Şölen Soudjouk � Pınar Gurme Soudjouk � Pınar Gurme Soudjouk Pınar Et 7
Product Groups & Sales Channels Product Groups (2011) Net Sales Others; 3% Fresh Meat; 14% Delicatesse Delicatesse Sales Channels (2011) Sales Channels (2011) n; 51% Direct Frozen 21,0% Ready Meal; 32% Export 1,5% YBP 77,5% Pınar Et 8
Growth in Sales Growth Rates of Product Groups 12% 200 2010 2011 8% 150 � Continued to focus on high value added products added products 100 100 6% -15% 50 Million TL Milyon TL 0 Diğer Taze Et İleri İşlenmiş Şarküteri Ürünler Net Sales has grown by 8,7% in 2011 compared to 2010 Pınar Et 9 * Et, unlu mamuller ve deniz ürünleri
Financial Results
Sales & Profitability Net Sales (Million TL) Gross Profit (Million TL) 383,7 65,1 64,7 62,2 352,8 60,3 59,9 306,1 307,8 281,0 CAGR -1% CAGR +8% 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 EBITDA* (Million TL) 42,5 41,2 42,2 40,2 � In 2011 our sales have increased by 8,7% YoY, 33,4 driven from volume. � Price competition is continuing in the market. CAGR -6% � Following our long term marketing strategies, marketing investments have continued. * Earnings (ex. other income and expenditures) 2007 2008 2009 2010 2011 Pınar Et 11 before tax, dep. and amortization.
Income Statement 31.12.2011 31.12.2010 Change % Varriance (Million TL) Net Sales 383,7 352,8 30,9 8,7 Cost of goods Sold (323,4) (292,9) (30,5) 10,4 Gross Profit 60,3 59,9 0,3 0,6 R&D Expenses (1,0) (0,9) (0,1) 9,5 Sales, Distribution and Marketing E (20,8) (14,8) (6,0) 40,8 General Administration Expenses (14,5) General Administration Expenses (14,5) (13,8) (13,8) (0,7) (0,7) 5,1 5,1 EBIT 24,0 30,5 (6,5) (21,2) Share of Results of Investments in Associates 9,2 12,5 (3,4) (26,8) Other Income 1,3 1,3 (0,1) (4,2) Other Expenses (1,7) (1,1) (0,6) 61,7 Financial Income (Net) 2,5 3,6 (1,2) (32,2) Profit Before tax 35,2 46,9 (11,7) (24,9) Tax (5,5) (7,4) 1,9 (25,7) Net Profit for the Period 29,7 39,5 (9,8) (24,8) EBITDA 33,4 40,2 (6,7) (16,7) Total Assets 423,8 353,8 70,0 19,8 Equity 310,5 281,2 29,3 10,4 Pınar Et 12
Growth Analysis -%1,5 %10,2 %0,2 %8,7 383.666 352.801 2010 Miktar Fiyat ve Ürün Kur 2011 Miksi Net Sales – (000) TL Pınar Et 13
Profit Margins Gross Profit Margins (%) Operation Profit Margins* (%) 10,8% 21,0% 18,8% 9,0% 8,6% 8,8% 17,0% 15,7% 15,7% 12,8% 6,3% 2,8% 2009 2010 2011 4Q10 4Q11 3Q11 2009 2010 2011 4Q10 4Q11 3Q11 EBITDA Margins** (%) Net Profit Margins (%) 13,0% 13,7% 11,2% 11,1% 12,4% 10,9% 11,4% 10,9% 7,7% 8,7% 5,5% 2,6% 2009 2010 2011 4Q10 4Q11 3Q11 2009 2010 2011 4Q10 4Q11 3Q11 Pınar Et 14 * Ex. Other income and expenditures
Quarterly Results Net Sales (Million TL) 112,0 94,9 � In 4Q11, our net sales have grown by %15 82,4 compared to 4Q10. %15 -%15 EBITDA* (Million TL) 12,2 10,2 4Q10 4Q11 3Q11 � Focused on marketing investments in 5,3 2011, according to our strategies. � Price competition is continuing in the market. * Earnings before Interest, Tax, Depreciation, and Amortization 4Q10 4Q11 3Q11 Pınar Et 15
Basic Ratios, Net Financial Debt&Net Working Capital December 31, 2011 December 31, 2010 December 31, 2011 December 31, 2010 (Million TL) Current ratio Cash & Cash Equivalents 1,75 2,22 4,13 1,75 Leverage ratio S/T Bank Borrowings 0,27 0,21 22,15 0,64 S/T Fin Debt/T. Fin Debt L/T Bank Borrowings 0,64 0,06 12,22 10,25 Net Financial Debt/EBITDA Net Financal Debt 0,90 0,23 30,24 9,13 Total Fin Debt/Equity 0,11 0,04 50 � A 125% rise in net cash generated � A 125% rise in net cash generated 40 from operating activities 30 20 2010 2011 10 13,5 Million TL 30,6 Million TL Mn TL 0 -10 •Continuous focus on risk -20 management •Effective working capital -30 management -40 •Strong balance sheet and liquidity Trade Recevables Trade Payables Inventories -50 management Pınar Et 16
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