PINAR SU SANAY � VE T � CARET A. � . PINAR SU SANAY � VE T � CARET A. � .
Pınar Su Highlights •2nd brand that comes to •363 PC, 168 PET dealers • HACCP Food Security mind in PET and PC Management System •Call Center application categories (Nielsen •NSF Sufficiency 2009) Certificate •ISO Quality Certificates Brand Distribution Quality Recognition Recognition Network Network •Natural spring water reaching •Production in all SKUs form consumers in most natural and sources of Madran, Toros ve hygenic conditions Gökçeağaç. •Know-How •Production from 3 sources close to target markets •Clean room technology Product Production Portfolio
Market Dynamics Breakdown of Turkish Bottled Water Market Sales Volume Resin Prices (USD/Ton) 8,11 Bn Lt 8,7 Bn Lt 9 Bn Lt 9,3 Bn Lt 2,25 2,00 26% 28% 31% 33% 1,75 %14 %15 %11 1,50 1,25 74% 72% 69% 67% 1,00 %5 %-1 %0 %5 %-1 %0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2008 2009 2010 2007 2008 2009 2010 PC PET � There are 264 firms having Ministry of Health license. Per Capita Water Consumption by Countires (2010) � Average capacity usage rate of the sector is Italy Germany Turkey Spain Belgium %40. Per Capita Water 189 Lt 165 Lt 126 Lt 123 Lt 120 Lt Consumption � SUDER expects the per capita water consumption in Turkey to be 135 lt, in 2011. Source: Suder (Packaged Water Manifacturers’ Association of Turkey)
Market Dynamics - II GDP vs. Turkish Bottled Water Market Growth Rate 15% 14% 13% � Growth rate of packaged water 9% 10% 7% 9% 7% sector was below that of the GDP in 8% 5% 2010. 7% 3% 3% 5% 3% 1% 0% 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 -5% -5% GDP Growth Rate Turkish Bottled Water Market Growth -10% Source: TUİK, SUDER The Bottled Water Sector in Turkey 2003 – 2010 2003 2004 2005 2006 2007 2008 2009 2010 2011* Production � SUDER expects a growth of %5 in (bn Lt) 5,7 6,2 7 7,8 8,1 8,7 9 9,3 9,8 2011, in the packaged water Market Value (Bn TL) 0,6 0,8 1 1,2 2,5 3 3,1 3,3 3,45 market. Per Capita Consumption (Lt) 81 83 93 105 96 114 122 126 135
Market Overview Natural Mineral Water - PET � Increasing investments of Pınar Su; 5% multinational firms like nestle, Competitor1 Danone and Coca Cola is a sign the ; 15% room for growth of the market (M&As, spring source investments Competitor2 etc) etc) ; 9% ; 9% Others; 50% � Trend in the market is to increase Competitor3 ; 9% the number of spring sources in order to optimise logistic costs. Competitor5 Competitor4 ; 5% � Small scale local producers are ; 7% causing a fragmented market Source: Volume Share, Nielsen, March 2011 structure.
Sales and Distribution Seasonality Exports (1Q11) 1Q 2Q 3Q 4Q Others; 15% Germany; 36% Cyprus; 8% U.K.; 18% Holland; 23% Breakdown of Sales Volume (PET/PC) (1Q11) PET � Share of exports in all sales 48% for 1Q11 is 7%. PC 52%
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2006 – 2010 Performances Net Sales (Million TL) Net Profit (Million TL) 8,3 75,3 69,0 6,8 60,6 61,2 6,1 5,7 48,6 3,8 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 EBITDA (Million TL) � ����� ��� ����� ����� ��������� ������ ���������� 16,7 ����� ����������� �� ��� ��������� � Our gross margin has increased from %49 to %50,1, 11,2 10,9 10,4 with operational cost improvements in 2010. 6,6 � On the other hand, stiff price competition in the market and costs for the strenghtening of sales and distribution led to a fall in net profit. 2006 2007 2008 2009 2010
Income Statement (Million TL) March 31, 2011 March 31, 2010 Diff. % Change Operating Revenue 16,7 15,7 1,0 6,6 (9,1) (8,1) (0,9) 11,7 Cost of Sales Gross Profit 7,6 7,6 0,1 1,1 (5,6) (5,3) (0,4) 7,2 Selling and Marketing Expenses General and Administrative Expenses (2,1) (2,2) 0,0 (1,8) EBIT (0,1) 0,1 (0,3) (227,4) 1,5 1,3 0,3 20,5 Other Income (0,0) (0,1) 0,1 (59,5) Other Expenses 0,1 0,6 (0,4) (75,0) Financial Income / (Expense) - (Net) Income Before Tax 1,5 1,9 (0,4) (20,2) (0,1) (0,3) 0,2 (58,4) Taxes on Income Net Profit 1,4 1,6 (0,2) (13,2) 1,1 1,2 (0,2) (15,0) EBITDA Total Assets 102,1 98,4 3,6 3,7 74,0 72,0 2,0 2,8 Shareholders' Equity
Profit Margins Gross Profit Margins (%) Operating Profit Margins* (%) 49,0% 50,1% 10,6% 48,3% 45,8% 45,7% 8,1% 33,1% 2,5% 0,7% 2008 2009 2010 1Q10 1Q11 4Q10 -0,8% -12,4% 2008 2009 2010 1Q10 1Q11 4Q10 EBITDA Margins** (%) Net Profit Margins (%) 17,1% 10,2% 9,3% 14,4% 8,2% 8,3% 5,5% 9,6% 7,9% 6,3% 2008 2009 2010 1Q10 1Q11 4Q10 2008 2009 2010 1Q10 1Q11 4Q10 -9,7% -2,3% * Ex. Other income and expenditures ** Earnings before Interest, Tax, Depreciation, and Amortization
Quarterly Results Net Sales (Million TL) 16,7 15,7 � �������������������������������������� 12,5 ������������������������������������������ ���������������������������������������� 6,6% 33,8% ������������������������������������������� ������������ EBITDA (Million TL) 1,2 1,1 1Q10 1Q11 4Q10 � ������������������������!���������������� ��������������������������������������� �������������������������� 1Q10 1Q11 4Q10 (0,3)
Basic Ratios, Net Financial Debt&Net Working Capital March 31, 2011 December 31, 2010 March 31, 2011 December 31, 2010 (MillionTL) Current Ratio Cash & Cash Equivalents 1,36 1,41 0,3 0,9 Leverage Ratio S/T Bank Borrowings 0,28 0,24 1,9 1,7 ST Fin'al Debt/Total Fin'al Debt L/T Bank Borrowings 0,58 0,52 1,4 1,6 Net Fin'al Debt/EBITDA Net Financial Debt 2,83 0,36 3,0 2,4 Total Fin'al Debt/Equity 0,04 0,05 20 � Continuous focus on risk 10 management and productivity Million TL � Effective working capital management 0 � Strong balance sheet and liquidity management -10 -20 Trade Receivables Trade Payables Inventories
Overview of 1Q 2011 � ����� ���������������������������������������������������������������� ������������� � Year 2010, while showing signals of departure of economic crisis, was a year with similar consumer trends to crisis period. These circumstances have continued also in 1Q 2011. have continued also in 1Q 2011. � Our 19 Lt. Demijohn sales have surged despite the stagnant appereance of the demijohn market. � The positive effects of operations performed in 2010 towards empowering sales and distribution of Pınar Su and the Call Center, have started to be observed in 1Q 2011. � A strong growth has been observed in our 10 Lt sales in 1Q2011.
Strategies and Targets � To increase our market shares in both PET and PC businesses. � To maximise our profitability by improving our processes with Lean 6 Sigma, with a cost oriented approach all through the value chain and without compromising quality. � To increase customer loyalty by, keeping our service quality high and improving communication with consumers (Call Center project etc.) � To maintin our optimum cost distribution model regarding spring source locations. � To keep human resouce in the forefront for success 2011 TARGETS Growth in Net Sales : %15 - %17 EBITDA Margin : %9 - %10 Capex : 7 - 9 Million TL
Ownership & Participation Structure – Share Performance Yaşar Birleşik Pazarlama; 1% Relative and Absolute Performance of Pınar Su Shares Relative to ISE-TUM 120 7 6 100 Free Float Halka Açık; 5 80 32% 4 60 3 Yaşar Holding; 40 2 58% 20 1 - 0 Pınar Süt; 9% ISE-TUM (Left Axis) PINSU (Right Axis) Pınar SU Pınar SU Yaşar Birleşik Yaşar Birleşik Yaşar Dış Ticaret Yaşar Dış Ticaret Desa Enerji Desa Enerji Viking Kağıt Viking Kağıt Pazarlama Pazarlama (%1,76) (%1,76) (%6,07) (%6,07) (%1,69) (%1,69) (%4,79) (%4,79)
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