PINAR ENTEGRE ET VE UN SANAY İİ A. Ş . INVESTOR PRESENTATION April 2008 April 2008 1
Disclaimer This This presentation presentation does oes not constitute not constitute an offer an offer or invitation nvitation to purchase o purchase or subscription subscription for for any any securities securities and and no part o part of it shall of it shall form the orm the basis asis of or of or be relied be relied upon upon in connection in connection with with any any contract ontract or or commitment commitment whatsoever. whatsoever. This presentation This presentation contains ontains forward-looking orward-looking statements tatements that hat reflect eflect the the company ompany management’s management’s current current views views with ith respect espect to ce o certain rtain future uture events. Although vents. Although it is it is believed believed that hat the the expectations xpectations reflected eflected in in these these statements tatements are re reasonable, they reasonable, they may be affected may be affected by by a variety a variety of variables f variables and nd changes changes in underlying in underlying assumptions ssumptions that that could could cause ause actual actual results results to differ o differ materially. Neither aterially. Neither P ı nar Süt nor nar Süt nor any any of its of its affiliates, advisors, representatives, directors, managers affiliates, advisors, representatives, directors, managers or or employees employees nor nor any any other person other person shall shall have have any ny liability liability whatsoever hatsoever for for any any loss loss arising arising from rom any any use use of this of this presentation presentation or its ts contents contents or otherwise therwise arising arising in connection n connection with with it. it. Company’s Company’s financial inancial statements tatements are re available available on on www.imkb.gov.tr www.imkb.gov.tr and and www.pinar.com.tr/investorrelations websites. www.pinar.com.tr/investorrelations websites. 2
Ya ş ar Group At a Glance � Established in 1945 � One of the Turkey’s most important and highly respected conglomerates � Core businesses: Food & Beverage and Paint � Non-core businesses: Tissue, Trading and Services � 24 companies, 2 foundations, over 6,600 employees � Consolidated revenues of approx. US$ 1,1 bn and EBITDA of US$ 109 mn in FY2006. � Six subsidiaries listed on the Istanbul Stock Exchange , combined market cap* YTL 800 mn. � Prominenty in Turkish economy with 5 companies ranking among top private 500 of Turkey � Widespread and effective distribution network in FMCG market � R&D expertise, proven product innovation capabilities � Strong track record as an “innovator” in Turkey � Marketing expertise, strong brand portfolio � Strong presence in Turkish food & beverage and paint industries � IT Systems � Signed the UN Global Compact on 12 November 2007 * As of April 21,2008 3
Market Leader in Food and Beverages: PINAR Launched in 1975, P ı nar is the market leader in many sub-segments of FMCG � P ı nar brand is internationally recognised , especially in the Gulf countries � Selected among “ Turkey’s Superbrands ” in 2005 with 99% brand awareness and � ranked #1 according to the brand potential index (source: GFK-2005) � #1 Turkish brand that comes to mind in “ milk “, “ processed meat “ and “ water “ (bottled and home&office delivery) categories ( source: ACNielsen-2006) � 6th most valuable brand in Turkey with an estimated brand value of $802 million (source: Brand Finance-2005) As one of the most valuable Turkish brand, part of the Turquality project � supported by the Turkish government According to the “Turkey Customer Satisfaction Index” , selected the best brand � in meet and meet products sector (source: Kalder-2007) � Online traceability of the production through 4
MEAT & MEAT PRODUCTS SECTOR 5
Meat and Meat Products Industry Global meat market expected to increase by 50% in the next 20 years � � Brazil, Argentina and India are expected to control the meat supply � Custom barriers are expected to decrease � Agricultural and export supports will decrease together with the increasing functionality of WTO. 6
Meat & Meat Products Industry In Turkey Rapid growth in delicatessen market is observed. � � Production is expected to reach 3.0 mn tons (1.8 mn tons currently) � Per capita consumption is expected to increase from 25 kg to 39 kg. � Today there is a Registered delicatessen market of 60.000 tons (1 bn USD) (Real market more than twice) � Red meat market of 4,8 bn USD � Charcuterie Market Penetration % 120.0 70,000 67,253 11% 95.4 65,000 94.0 100.0 90.3 90.0 88.1 86.7 87.3 83.0 60,618 60,000 75.2 72.5 80.0 2004 Tonnes 67.9 63.2 55,000 54,260 2005 60.0 50,000 2006 40.0 2007 45,000 40,000 20.0 8.7 7.2 5.6 4.7 2005 2006 2007 0.0 Years Chicken Turkey Charcuterie Red Meat Source: AC Nielsen 7
Meat & Meat Products Industry In Turkey Total number of cattle is around 10,5 million heads and lamp&sheep 25 million � heads. � Annual beef production in Turkey is 800.000 tons. (half is registered.), Broiler production around 950.000 tons, � Turkey meat production around 50.000 tons, � %15 – 20 of the butcher quality cattle sourced from big farms, � Packed meat products market is expected to grow %6 in 2007, � Meat consumption per capita ; � Red Meat Re Poultry Pou try Meat eat Fish Fish World World 27,6 27,6 11,7 11,7 28,4 28,4 E.U E.U. (25) (25) 67,5 67,5 21,6 21,6 42,3 42,3 Turkey Turkey 9,4 9,4 12,5 12,5 6,5 6,5 8
Potential Effects of EU Conformity Period � An increase in the; � Registered meat production � Demand on packed meat and meat products � Quality awareness of consumers � Productivity � Demand on safe food � Quality and the quantity of the raw material at each step 9
PINAR ET Is Ready for EU � Certified “turkey processing plant” by the Ministry of Agriculture and Rural Affairs to export to the E.U. � Modern processing technology � Advanced labroratory competence, � TSE-ISO-EN 9000 : Quality Management System Certificate, � TSE-ISO-EN 14000 Environmental Management System Certificate � TSE-ISO-EN 22000 Food Safety Management System Certificate � EFSIS “European Food Safety Inspection Service” audits, Grade A, “High Operational Standards.” � Supplier based performance measurement � 100% traceability from farm to fork � Sustainable qualified human resources 10
Meat & Meat Products Sector Promises High Potential For Growth � Significant growth potential with 7-10% p.a. on average, with major drivers of this growth including favourable Turkish economic and demographic developments and close proximity to EU and Middle East markets ● Growing trends towards packaged products for health and hygiene reasons ● Increase in the number of working women, leading to an increase in demand for ready meals ● Rising education levels, affecting consumption decisions for branded and healthy products ● Consumer trends towards value-added and enriched products Branded Products: P ı nar is ahead of competition on brand recognition, product quality, � corporate image and reputation, customer loyalty and consistency of supply � Reduction in VAT rates of delicatessen in June 2007 is expected to have positive effect 11
COMPANY OVERVIEW 12
1985... Türkiye’s first private integrated modern meat plant P ı nar Meat was established. Meat obtained at slaughterhouse under 1998 hygienic conditions and fully-automated packages P ı nar established first full- sausage flavoured with integrated turkey 2001 garlic, salami, sausages 2004 production facilities in and other delicatessen P ı nar Meat produces Turkey and introduced P ı nar Meat was granted TS products were appreciated traditional Turkish döner white turkey meat. 1988 ISO 14001 Environmental by the consumers. food, preserving its original Management System Birma ş Markets were taste, and offered for sale established to sell carcase throughout Turkey. meat products by P ı nar Meat. 1985 ’88 ’90 ’95 ’00 ’02 ’04 ’06 2007 2004 1994 2001 1987 Nine varieties of meat P ı nar Meat became first P ı nar Meat realised balls were introduced First hamburger meatball meat production Company production of frozen sea under the concept of in Türkiye was produced to which TS ISO 9002 products. Türkiye’s Meat Balls. upon cooperation between Quality System Certificate 2003 P ı nar Meat and has been awarded. McDonald’s. P ı nar Meat 2000 P ı nar Meat introduced frozen ready passed to TS ISO P ı nar Meat produced sliced food to the Turkish people. 9001-2000 delicatessen varieties at full- Certificate. automated modern facilities. 13
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