Turkey s Largest Food Company

Transcription

1 Turkey s Largest Food Company F o u r t h Q u a r t e r F i n a n c i a l R e s u l t s M a r c h 3, Borsa Istanbul: ULKER ULKER.TI (Bloomberg) ULKER IS (Reuters)

2 Disclaimer This presentation contains information and analysis on financial statements and is prepared for the sole purpose of providing information relating to Ülker. This presentation contains forward-looking statements which are based on certain expectations and assumptions at the time of publication of this presentation and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in these materials. Many of these risks and uncertainties relate to factors that are beyond Ülker s ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated cost savings and productivity gains as well as the actions of government regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. Ülker does not undertake any obligation to publicly release any revisions to these forwardlooking statements to reflect events or circumstances after the date of these materials. This presentation merely serves the purpose of providing information. It neither represents an offer for sale nor for subscription of securities in any country, including Turkey. This presentation does not include an official offer of shares; an offering circular will not be published. This presentation is not allowed to be reproduced, distributed or published without permission agreement of Ülker. The figures in this presentation are rounded to provide a better overview. The calculation of deviations is based on figures including fractions. Therefore rounding differences may occur. Neither Ülker nor any of its managers or employees nor any other person shall have any liability whatsoever for any loss arising from the use of this presentation. 2

3 Jan-14 Feb-14 March- April-14 May.14 June-14 July-14 Aug-2014 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 March- April-15 May.15 June-15 July-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec ,2 72,7 78,5 76,0 73,7 73,9 73,2 74,0 70,3 68,7 67,7 67,7 68,1 64,4 65,4 64,3 66,4 64,7 62,4 58,5 62,8 77,1 73, Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q3 Turkey Macro Economic Overview GDP Growth (%) 2014 GDP Growth of 2.9% 5,3 3,1 2,8 1,5 1,3 3,1 4,7 4,3 4,6 5,1 2,4 1,8 2,7 2,5 3,8 4,0 GDP grew by 4.0% in 3Q15 thanks to government spending &household spending Industrial Production Industrial Production was up by 3.1% in 2015 YoY Consumer prices of 8.81% in 2015 YoY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Consumer Confidence Index Food price inflation 10.9% in 2015 YoY Consumer confidence reached

4 Market Growth Confectionery market expanded by 1.9% in 2015 Source: ACNielsen Biscuit market continued to grow in 2015 with a growth of 3.1% Chocolate market contracted by 1.2% in 2015 Cake market posted a growth of 4.3% in

5 Breakdown of Net Sales Breakdown of Sales Volume (Tons) Cake Chocolate Biscuit Consolidated sales volume was up by 0.3% in 4Q15 attributable to: Betterment at domestic sales Higher Biscuit & Cake Sales Domestic sales volume was up by 3.7% in 4Q Export volume contracted by 13.0%to 23K tons in 4Q15 4Q2014 4Q Lower exports to Iraq, Yemen, and Algeria Domestic Sales Volume Breakdown (Tons) Export Sales Volume Breakdown (Tons) Turkey sales volume in 4Q15 vs 4Q14 Biscuit +6% Cake Chocolate Biscuit Cake Chocolate Biscuit Chocolate -2% Cake +9% Export sales volume in 4Q15 vs 4Q Biscuit -14% Chocolate -% 4Q Q Q Q 2015 Cake -34% 5

6 Breakdown of Net Sales Other Chocolate Breakdown of Sales Revenue (TL mn) Cake Biscuit , , ,7 105,8 108,5 359,6 389,8 302,7 354,6 4Q2014 4Q Domestic Sales Rev Breakdown (TL mn) 2, , ,7 3, ,7 11,6 391, ,1 Export Sales Rev Breakdown (TL mn) Consolidated sales revenue was up by 12.0% in 4Q15 primarily as a result of: Carry on price increases & downsizings impact Mix impact Average revenue increases in 4Q15 over 4Q14; Biscuits +17% Chocolate +8% Cake +3% Average price per ton increases in 4Q15 over 4Q14; Cake Chocolate Biscuit Cake Chocolate Biscuit Biscuits +16% Chocolate +10% Cake +2% Q Q Q Q

7 Gross Profit & EBITDA Gross Profit (TL mn) Margin 21.7% 20.8% 21.0% 21.7% Gross profit increased by 7.6% to TL mn in 4Q15 607,7 666,7 Gross margin contracted by 0.9 pp to 20.8% due to; 166,3 179,0 4Q2014 4Q EBITDA* (TL mn) Rising input costs EBITDA grew by 21.7% to TL mn in 4Q15 EBITDA margin widened by 1.1 pp to 13.7% mainly due to; Margin 12,6% 13.7% 11.5% 13.3% Lower G&A expenses 331,9 410,1 Lower personnel cost 96,5 117,4 4Q2014 4Q *Excludes Other Nonoperating Income&Expenses 7

8 FX and Net Profit Net Foreign Exchange Gain/Loss (TL mn) 4Q Q Net Foreign Exchange Gain/Loss From Operations Net Foreign Exchange Gain/Loss From Investments 10.9 (89.1) Net Foreign Exchange Gain/ Loss From Finance (13.2) (79.6) (262.4) Net Foreign Exchange Gain/Loss (2.1) 14.3 (14.3) (55.9) Net foreign exchange gain was TL 14.3 mn in 4Q15 TL 295 mn of short FX position as of December 31, ,5 Net Profit (TL mn) 111,5 211,7 260,3 Net income was TL 111,5 mn in 4Q15, increase in net income is mainly attributable to: Better operational performance 4Q2014 4Q FX gains from FX denominated debt 8

9 Cash Cycle and Net Debt Cash Cycle of 34 days in 2015 Net Debt (TL mn) Net debt stands at TL 364 mn, as of December 31,

10 pladis: Promise happiness to the world with every bite Ulker International FDM Business United Kingdom Northern Europe FMC Saudi Arabia Hi Food - Egypt Ülker Bisküvi Ülker Çikolata Nigeria Hamle - Kazakhstan Biskot India Saudi Arabia Istanbul Gıda - Export CCC ME & NA 10

11 Turkey s Largest Food Company Q u e s t i o n s & A n s w e r s 11

12 Kısıklı Mahallesi Ferah Caddesi No: B. Çamlıca / Üsküdar / İstanbul Türkiye For more information, please contact us + 90 (216) , or us at ir@ulker.com.tr