Tat Gıda | Anasayfa

Investor Presentation – JANUARY 2015
Updated by 9M-2014 financials
1
Agenda
Tat
P2
Tat Gıda
FMCG Market Overview
Tat Gıda Restructuring
Market Shares of Product Categories
Financials and Other Data
Contacts
Tat
P3
Tat Gıda
Tat Gıda Shareholder Structure
41 % of the shares are traded in ISE
Tat
P4
9,6
5,3
41,4
43,7
Koc Holding
Kagome & Sumitomo
(*) Kagome 3,73% – Sumitomo 1,53%
Other Koç Group
Public&Other
Tat Gıda Sales composition & Projects ahead for efficiency
Tat
P5
Maret (Sold)
Tat Gıda Production Facilities
Tat
P6
TAT Canning & Tomato Processing
SEK Dairy Products
Foundation: 1967
Facility: Mustafa Kemal Paşa, Karacabey, Torbalı
Foundation: 1963
Facility: Mustafa Kemal Paşa, Söke
PASTAVİLLA Pasta
Products
Foundation: 1928
Facility: İzmir
Domestic Sales Network – A Key Competitive
Strength & Export
Tat
P7
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 .
Duzey Tuketim Mallari
Pazarlama A.Ş.:
• Also a Koç Group sales &
distribution company,
specialized on FMCG.
• Distributes the Tat portfolio in
Turkey.
• More than 60.000 outlets is
covered directly or via
distributors.
Tat
P8
FMCG Market Overview
FMCG – Market Size in Turkey
P9
2012
TURNOVER
2013
12,9%
84,1 Billion TL
Tat
74,5 Billion TL
4% share; HOUSEHOLD
4,9% growth CLEANING
FOOD&BEVERAGES
48% share;
11,2% growth
1% share;
OTHER -1,3% growth
0,6 Billion TL
3,3
Billion
TL
TOBACCO
33,7 BillionTL
40% share;
%16,5% growth
40,2 Billion TL
6,3 Billion TL
2,8
PERSONAL CARE
8% share;
10% growth
Source: Nielsen, 2013
Tat
P10
Tat Gıda Restructuring
Divestiture of Maret and Harranova
Tat
P11
• Maret Meat Business Entity and Maret Brand were
sold for USD 75 million on 20th of August, 2014.
• TL 23.6 million was provided as a cash inflow from
selling of divestiture Harranova in 1st of October,
2014.
Acquirement of Moova
Tat
P12
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.
SEK Marketing Investments
• SEK, starting from 2011 with the new generation pasteurized milk, has
increased its brand investments.
Tat
P13
SEK Marketing Investment (000 TL)
10.360
8.630
1.636
Marketing Inv
/ Turnover (%)
1.423
1.802
1.669
2.162
2.503
2006
2007
2008
2009
2010
2011
2012
2013
1%
1%
1%
1%
1%
1%
2%
3%
SEK New Product Line
SEK is launching new product lines / segments to the market
Tat
P14
2011
2012
2013
2014
Tat
P15
Market Shares of Product Categories
MARKET SHARES - 11M-2014 (%) - SEK
(+1,6)
40,6
TOTAL MILK
(-0,4)
PASTEURIZED MILK
26,3
(-2,0)
(+0,3)
(-1,5)
Tat
24,2
(-0,1)
19,7
15,2
(-0,3)
13,1
8,6
Sütaş
SEK
Pınar
AOÇ
HOMOGENIZED YOGHURT
(+0,2)
(+0,8)
Ülker
SEK
YOGHURT DRINK
44,8
27,1
(-0,3)
9,2
(0)
8,9
(-1,4)
8,5
Pınar
Yörsan
Ülker
(-0,4)
(-0,2)
(+1,2)
10,3
7,9
6,9
(-1,1)
(+0,1)
5,9
Sütaş
Sütaş
Sütaş
SEK
Source: AC Nielsen, Turnover Share in Turkey excluding Hard Discounters
Ülker
Yörsan
Pınar
6,2
SEK
MARKET SHARES - 11M-2014 (%) - Tat
TOMATO PASTE
(-1,8%)
29,1%
(+2,6%)
72,9%
TOMATO PRODUCTS
(+2,8%)
19,7%
Tat
(+0,1%)
11,6%
TAT
ÖNCÜ
(-0,4%)
31,8%
TAMEK
(-1,5%)
8,8%
TUKAŞ
(-0,6%)
12,3%
TAT
TAMEK
29,7%
ÜLKER
PINAR
Source: AC Nielsen, Turnover Share in Turkey excluding Hard Discounters
DEMKO
(0%)
2,7%
YONCA
MAYONNAISE
(+0,3%)
13,8%
CALVE
(+0,4%)
4,8%
(-0,8%)
25,2%
(0%)
14,7%
CALVE
TUKAS
(0%)
KETCHUP
(-0,7%)
22,1%
TAT
(-1,3%)
4,9%
TAT
(+0,4%)
16,9%
PINAR
(-1,3%)
12,6%
ÜLKER
MARKET SHARES - 11M-2014 (%) - PASTAVILLA
Tat
TOTAL PASTA
Source: AC Nielsen, Turnover Share in Turkey excluding Hard Discounters
PREMIUM PASTA
Tat
P19
Financials and Other Data
Net Sales
Tat
P20
TL Mio
793
787
694
747
692
629
611
547
522
448
350
2005
2006
2007
2008
2009
2010
2011*
2012*
2013*
9M-2013** 9M-2014**
*The subsidiary called Harranova’s business figures excluded due to the deal signed for selling subsidiary shares
** The brand name Maret’s and Harranova’s business figures also excluded due to the disposal of its fixed asset and the brand named Maret
Please, read the figures considering the above mentioned notes throughout the presentation.
Net Sales Breakdown by Product Group
Tat
P21
TL Mio
787
793
694
629
547
747
692
522
611
448
350
Total
Net Sales Breakdown by Region
Tat
P22
%
EBITDA
P23
Tat
TL Mio
%
Gross Profit
Tat
P24
TL Mio
%
Gross Profit Margin by Product Group
Tat
P25
%
EBIT
Tat
P26
TL Mio
%
Net Income
Tat
P27
TL Mio
%
Financial Debt / Assets - FDA
Tat
P28
TL Mio
%
Annexes
P29
Tat
 Summary Profit & Loss Statement
 Summary Balance Sheet
Summary Income Statement
Tat
P30
Summary Income Statement
2005
2006
2007
2008
2009
2010
2011
2011 Adj
2012
9M-2013
9M-2014
Net Sales
350
448
547
629
694
787
758
692
747
522
611
Gross Profit
40
71
97
114
140
144
136
137
158
119
128
EBITDA
1
24
40
51
70
58
36
40
46
41
41
EBIT
-17
17
31
38
56
42
21
25
29
37
202
Profit Before Tax
-20
-17
17
0
38
27
5
9
14
21
182
Net Income
-15
-19
11
-4
34
16
9
9
3
16
161
Key Indicators (%)
2005
2006
2007
2008
2009
2010
2011
2011 Adj
2012
9M-2013
9M-2014
Gross Profit Margin
11,3
15,8
17,7
18,1
20,2
18,3
18
19,8
20,3
22,7
21,0
EBITDA Margin
0,3
5,4
7,2
8,1
10,1
7,4
4,8
5,8
5,9
7,8
6,7
EBIT
-5
3,9
5,7
6,1
8
5,4
2,7
3,5
3,7
7,2
33,0
-4,4
-4,3
2
-0,7
4,9
2,1
1,2
1,3
0,3
3,1
26,3
(Mio TL)
Net Margin
Summary Balance Sheet
Tat
P31
TL million
2005
2006
2007
2008
2009
2010
2011
2012
Current Assets
168
190
219
323
343
372
428
446
410
512
466
Non-current Assets
147
141
179
204
196
184
178
151
117
162
173
Total Assets
315
331
397
526
538
556
606
597
527
674
639
Current Liabilities
181
191
149
332
239
185
161
269
225
339
291
Net Financial Debt
169
202
173
291
256
246
245
275
230
252
100
Non-current Liabilities
40
68
100
36
100
138
209
96
120
89
9
Shareholder's Equity
94
73
149
158
199
233
236
232
222
245
365
Total Liabilities
315
331
397
526
538
556
606
597
567
674
665
Current Ratio
0,93
1
1,47
0,97
1,43
2,01
2,65
1,66
1,83
1,51
1,60
Liquidity Ratio
0,4
0,52
0,49
0,42
0,7
0,84
1,28
0,89
1,12
0,89
0,92
Net Financial Debt/Equity
1,81
2,79
1,17
1,84
1,29
1,05
1,04
1,19
1,04
1,03
0,27
Working Capital (Mio TL)
116
145
152
227
256
286
283
326
288
358
326
2013
9M-2013
9M-2014
Contacts
Tat
P32
• Arzu Aslan KESİMER
CEO
+90 216 430 00 30
[email protected]
• Ahmet Çağaşan YILMAZ
CFO
+ 90 216 430 00 30
[email protected]
Disclaimer
Tat
P33
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 Gida 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.