Investor Presentation financials

Transcription

1 Investor Presentation 2014 financials 1

2 Agenda Tat Gıda FMCG Market Overview Engine of Growth Financials and Other Data Contacts 2

3 Tat Gıda 3

4 Tat Gıda Shareholder Structure 41 % of the shares are traded in BIST 41,4% 43,7% 5,2% 9,7% Koç Holding Other Koç Group Kagome&Sumitomo Public Kagome 3,7% Sumitomo 1,5% 4

5 Tat Gıda Sales Composition & Projects Ahead For Efficiency 2013 Sales TL 793 Mn 2014 Sales TL 817 Mn index 117 vs YA (without Maret) Maret (Sold) 12,3% 7,5% 7,4% 30,5% 38,6% 49,7% 54,0% Tat Sek Maret Pastavilla 5

6 Tat Gıda Production Facilities TAT Canning & Tomato Processing Foundation: 1967 Facility: Mustafa Kemal Paşa, Karacabey, Torbalı SEK Dairy Products Foundation: 1963 Facility: Mustafa Kemal Paşa, Söke PASTAVİLLA Pasta Products Foundation: 1928 Facility: İzmir 6

7 Domestic Sales Network A Key Competitive Strength & Export Duzey Tuketim Mallari Pazarlama A.Ş. Also a Koç Group sales & distribution company, specialized on FMCG. Distributes the Tat portfolio in Turkey. More than outlets is covered directly or via distributors. Our products are exported to more than 40 different countries around the world such as Japan, Iraq, Russia, Germany, North Africa and the Middle East. 7

8 FMCG Market Overview 8

9 FMCG Market Size in Turkey TURNOVER ,9% ,5 Billion TL 84,1 Billion TL FOOD&BEVERAGES 48% share; 11,2% growth 4% share; 4,9% growth 40,2 Billion TL HOUSEHOLD CLEANING OTHER 0,6 Billion TL 3,3 Billion TL 1% share; -1,3% growth 33,7 BillionTL TOBACCO 40% share; %16,5% growth 6,3 Billion TL 2,8 PERSONAL CARE 8% share; 10% growth Source: Nielsen,

10 Food Industry Market Size in Turkey Tat Gıda operates in fundamental food and milk & milk product segments of the food industry. Tedi operates in nonalcoholic beverages market. Snacks; 9 Billion TL Milk & Milk Products; 6,1 Billion TL Oil; 2,3 Billion TL Fundamental Food; 4,6 Billion TL Non Alcoholic Beverages; 9,8 Billion TL Alcoholic Beverages; 8,4 Billion TL Source: Nielsen,

11 Packaged Milk Products Category Assessment Cheese category with its 2,16 billion TL market size, is the one of the fastest growing segment in milk & milk products market Nielsen Turnover (Mn TL) 2013 vs vs UHT Milk % 3% Pasteurized Milk % 71% Yoghurt % 9% Ayran % 21% Cheese % 15% Butter % 17% Source: Nielsen,

12 Engine of Growth 12

13 Divestiture of Maret and Harranova Maret Meat Business Entity and Maret Brand were sold for USD 75 million on 4th of August, TL 23,6 million was provided as a cash inflow from divestiture of Harranova in 1st of October,

14 Acquisition of Moova Sek Brand is the leader of the Turkey pasteurized milk industry. In order to strengthen cheese side of Sek, Moova were bought for TL 32,2 million. As stated, cheese is a fast growing category in milk & milk product s segment. Before the acquisition of Moova, SEK was not a major player in cheese market. With the acquisition of Moova, the target is: To enhance the SEK product portfolio in cheese category, Enpower SEK brand image of being a reliable expert in milk & milk products. 14

15 SEK New Product Line SEK is launching new product lines / segments to the market

16 Financials and Other Data 16

17 Net Sales Breakdown by Product Group (TL Mn) Total * 2012* 2013** 2014** Tomato Paste & Canned Food Meat Dairy Pasta *Harranova livestock business figures excluded due to the discontinued operation. **Harranova tomato and Maret businesses figures excluded due to the discontinued operations. 17

18 Net Sales Breakdown by Region (%) * 2012* 2013** 2014** Domestic Export *Harranova livestock business figures excluded due to the discontinued operation. **Harranova tomato and Maret businesses figures excluded due to the discontinued operations. 18

19 EBITDA (TL Mn) 80 12,0% ,4% 7,2% 8,1% 10,1% 7,4% 5,8% 5,9% 7,6% 6,2% 10,0% 8,0% 6,0% ,0% 10 0,3% 24 2,0% * 2012* 2013** 2014** EBITDA EBITDA Margin % 0,0% *Harranova livestock business figures excluded due to the discontinued operation. **Harranova tomato and Maret businesses figures excluded due to the discontinued operations. 19

20 Gross Profit (TL Mn) % 18% 18% 20% 18% 20% 20% 23% 21% 25% 20% % 15% % 5% * 2012* 2013** 2014** Gross Profit Gross Margin % 0% *Harranova livestock business figures excluded due to the discontinued operation. **Harranova tomato and Maret businesses figures excluded due to the discontinued operations. 20

21 Income Before Tax (TL Mn) ,1% 5,4% 3,5% 4,6% 4,3% 6,0% 4,0% 28 1,3% 1,8% 2,0% 18 0,1% ,0% ,8% * 2012* 2013** 2014** -2,0% -4,0% -12-5,6% -17-6,0% Income Before Tax IBT Margin % -8,0% *Harranova livestock business figures excluded due to the discontinued operation. **Harranova tomato and Maret businesses figures excluded due to the discontinued operations. 21

22 Net Income (TL Mn) ,4% 20,0% ,0% ,9% 2,0% 2,0% 1,3% 0,4% -0,6% 0,3% -4,4% 34-4,4% * 2012* 2013** 2014** ,0% 5,0% 0,0% -5,0% -40 Net Income Margin -10,0% *Harranova livestock business figures excluded due to the discontinued operation. **Harranova tomato and Maret businesses figures excluded due to the discontinued operations. 22

23 Net Financial Debt / Assets (TL Mn) % % 60% % 55% 48% 50% % 44% 44% 47% 44% 40% % % * 2012* 2013** 2014** Assets Net Financial Debt Margin % 20% 10% 0% *Harranova livestock business figures excluded due to the discontinued operation. **Harranova tomato and Maret businesses figures excluded due to the discontinued operations. 23

24 Net Financial Debt / EBITDA (TL Mn) 9,0 80 8,0 8,3 70 7,0 6,0 5,0 4,0 3,0 2,0 1,0 4, , ,7 4,3 58 6,7 40 6,0 46 4, , , * 2012* 2013** 2014** EBITDA Net Financial Debt / EBITDA Net Financial Debt * 2012* 2013** 2014** 0 *Harranova livestock business figures excluded due to the discontinued operation. **Harranova tomato and Maret businesses figures excluded due to the discontinued operations. 24

25 170,0 150,0 130,0 110,0-10, ,0 70,0 50,0 30,0 10,0 88,1 28% Tomato Paste & Canned Food 77,1 17% Gross Profit (GP) for Continued and Discontinued by Product Group (TL Mn) ,0 12% -5% 172,2 21% -1,5 Dairy Pasta -3,4 Meat (Maret) -4,9 Total (Continued Oper.) Continued Operations GP Discontinued Operations GP Gross Profit Marjin (Continued Oper.) 30% 25% 20% 15% 10% 5% 0% -5% -10% 150,0 130,0 110,0 90,0 70,0 50,0 30,0 10,0-10,0 73,3 30% -1,1 Tomato Paste & Canned Food 77,2 20% 13% 7,7 8% Dairy Pasta Meat (Maret) 158,1 23% 7,7 6,7 Continued Operations GP Discontinued Operations GP Gross Profit Marjin (Continued Oper.) Total (Continued Oper.) Tomato Paste & Canned Food Dairy Pasta Meat (Maret) Total (Continued Oper.) Sales (Continued Oper.) 315,3 441,3 60,4 61,9 817,0 Continued Operations GP 88,1 77,1 7,0 0,0 172,2 Discontinued Operations GP -1,5 0,0 0,0-3,4-4,9 Gross Profit Marjin (Continued Oper.) 28% 17% 12% -5% 21% Tomato Paste & Canned Dairy Pasta Meat (Maret) Total (Continued Oper.) Sales (Continued Oper.) 241,9 394,3 59,9 97,1 696,1 Continued Operations GP 73,3 77,2 7,7 0,0 158,1 Discontinued Operations GP -1,1 0,0 0,0 7,7 6,7 Gross Profit Marjin (Continued Oper.) 30% 20% 13% 8% 23% 35% 30% 25% 20% 15% 10% 5% 0% 25

26 Annexes Summary Profit & Loss Statement Summary Balance Sheet 26

27 Summary Income Statement TL Mn Net Sales Gross Profit EBITDA Income Before Tax Net Income Gross Profit Margin 11,4% 15,8% 17,7% 18,1% 20,2% 18,3% 19,8% 20,3% 22,7% 21,1% EBITDA Margin 0,3% 5,4% 7,2% 8,1% 10,1% 7,4% 5,8% 5,9% 7,6% 6,2% Income Before Tax -5,6% -3,8% 3,1% 0,1% 5,4% 3,5% 1,3% 1,8% 4,6% 4,3% Net Margin -4,4% -4,4% 2,0% -0,6% 4,9% 2,0% 1,3% 0,3% 0,4% 18,4% 27

28 Summary Balance Sheet TL Mn Current Assets Non-current Assets Total Assets Current Liabilities Net Financial Debt Non-current Liabilities Shareholder's Equity Total Liabilities Current Ratio 0,93 0,99 1,47 0,97 1,44 2,01 2,66 1,66 1,95 1,98 Liquidity Ratio 0,46 0,54 0,58 0,51 0,71 0,97 1,51 1,03 1,24 1,26 Net Financial Debt/Equity 1,80 2,77 1,16 1,84 1,29 1,06 1,14 1,19 1,04 0,27 Working Capital

29 Contacts Arzu Aslan KESİMER CEO Ahmet Çağaşan YILMAZ CFO

30 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Tat Gıda nor any of its directors, managers or employees nor any other person shall have any liability whatsoever for any loss arising from use of this presentation. 30