BİSKÜVİ SANAYİ A.Ş. I nvestor F act S heet

Ülker Bisküvi At-a-Glance
BİSKÜVİ SANAYİ A.Ş.
I n v e s t o r F a c t S h e e t
About Ülker Bisküvi
Founded in 1944, Ülker Bisküvi is one of Turkey’s best-known
and most-loved brands of snack food, including biscuits,
crackers, wafers, chocolates and chocolate related candies.
The company is the flagship brand for Yıldız Holding, one of
Turkey’s leading groups. It is also premier international snack
brand, exporting products to markets in Europe, North Africa,
the United States, Russia and the Middle East.
Ülker Bisküvi is an award-winning and world-renowned brand
both at home and abroad. In 1996, Ülker Bisküvi received the
ISO 9002 certification for quality standards in production; and
in 2001, it was awarded the HACCP certification for quality
standards in food safety. Surveys conducted in recent years
attest to the high levels of loyalty to the Ülker brand. In the
“Brands 2009” survey by AC Nielsen, Ülker ranked first in the
biscuit category, and second and third in the categories of
“top-of-the-mind” brands and those that consumers feel
closest to, respectively.
Ülker Bisküvi relies on its independent laboratories and expert
research and development teams to maintain its quality and
to develop new products, adding innovation to its position as
Turkey’s leading snack brand.
The company has more than 175,000 points of sale
throughout Turkey. Local distribution of biscuits, chocolate
covered products, chocolates and chocolate related candies
by Ülker Bisküvi and its subsidiaries is undertaken by its
subsidiary, Horizon, as well as Yıldız Holding companies: Pasifik
Pazarlama, Esas Pazarlama, Merkez Gıda and Rekor Pazarlama.
Turkey: A Growing Economy with Strong Retail Potential
Turkey is a booming emerging market, driven by growing
urbanization, rising consumer purchasing power and
increasing household consumption trends. The country’s
demographics also bode well for potential growth, as 60% of
the population is 35 years old or younger, an age group that
tends to spend a higher proportion of income on
consumables.
Accordingly, Turkey’s growth outpaces its EMEA peers and the
IMF and World Bank projects that it is one of the fastest
growing markets in Europe overall. GDP growth reached to
USD 772 bn in 2011 corresponding 8.5% year-on-year growth
rate. The World Bank projects that Turkey’s GDP growth rate
will reach 2.9% for 2012.
Istanbul Listed: ISE: ULKER, Bloomberg: ULKER TI, Reuters: ULKER.IS
Market Capitalization*: 2,784 mn TL
Total Shares Outstanding**: 342,000,000
Fiscal Year-End: December 31st
Industry: Biscuits, Cakes, Chocolates Confectionery
No. of Employees**: 7,073
*as of closing price 31/10/12 | ** as of 09/30/12
Investment Highlights
 Recent acquisition of Ülker Çikolata, the leader in Turkish
chocolates, establishes Company has a confectionery
powerhouse and enhances global competitiveness; with
majors in the industry
 Enviable market position as Turkey’s largest biscuits and
chocolates maker, with around 50% market share;
 Strong international presence and reach, selling its products
in more than 70 countries;
 Operates in one of the most attractive economies with
young and dynamic population with robust buying power,
underpinned by an attractive market and sector
fundamentals;
 Consistent and solid annual financial performance with
strong organic top line growth and cash flow;
 Highly-efficient operations and the ability to share knowhow with other group companies to continue and improve
cost reductions efforts;
 Utilizes one the most sophisticated distribution channels
with 175,000 points-of-sale within Turkey and ability to
grow existing, as well as expand into other networks such as
Russia, the Middle East and Europe;
 Strong leadership with highly-experienced executive
management team;
 Innovative products and holds the undisputed leadership
positions in many categories; and
 Focused on returning value to shareholders including paying
dividends.
Global Biscuits Market
Datamonitor’s Global Guide Report estimates that the global
size of the biscuits market, which was $43,4 billion in 2010,
will reach a value of $54,1 billion from 2010 to 2015,
corresponding to a CAGR of 4.5%.
Global Chocolates Market
According to Datamonitor’s Global Industry Guide Report,
global confectionary market grew by 2.9% in 2010 and
reached a value of $149.3 billion. The industry’s revenue is
expected to increase at an annualized rate of 3% to
USD$172,8 billion by 2015.
Celebrating more than 65 years of
“Happy Moments!”
Strong and Experienced Management
Murat Ülker, Chairman of the Board
Ali Ülker, Board Member
Mehmet Tütüncü, Board Member
Ahmet Özokur, Board Member
Cengiz Solakoğlu, Board Member
Mahmut Mahir Kuşçulu, Board Member
Alain Strasser, Board Member (Independent)
Duran Akbulut, Board Member (Independent)
Ekrem Pakdemirli, Board Member (Independent)
Financial Performance Overview
Ülker Bisküvi Shareholder Structure
Yıldız Holding is one of the leading Turkish groups, with
investments in business lines, ranging from foods and
beverages, personal care, retail, real estate, packaging, IT
and finance.
Other
12%
2008
2009
2010
2011
9M11 9M12
21,7% 25,1% 21,4% 20,2% 19,5% 21,6%
6,7% 9.5% 4,4% 4,2% 3,9% 9,6%
EBITDA
1.3% 8,0% 12,6% 37,2% 56,2% 9,5%
Net Profit
(in TL mn)
2008 2009 2010 2011 9M11 9M12
Revenue
1.412 1.506 1.524 1.799 1.083 1.704
Gross Profit
306
378
326
364
211
368
43
157
Operating Profit
97
146
58
111
EBITDA(Excl
42
164
95
144
67
75
Yıldız
Holding
44%
Free Float
23%
Gross Profit
Other)
608
163
Net Profit
20
120
191
669
938 1.006
SHE
756 1.187 1.527 1.097
Analyst Coverage
Ülker Bisküvi is currently covered by the analysts listed in below
Firm Name
Selin Öner
Ilyas Safa Urgancı
Cemal Demirtaş
Bertuğ Tüzün
Ece Mandacı
Melda Ağırdaş
Bülent Yurdagül
Muneeza Hasan
Erdem Hafızoğlu
Matija Gergolet
Kenan Cosguner
Erol Hullu
Anıl
Can Yıldırım
Legal Disclaimer
Analyst
Standard Ünlü
Is Investment
Ata Invest
Ak Invest
EFG Istanbul Securities
Ekspres Invest
HSBC
J.P. Morgan CAZENOVE
BGC Partners
Goldman Sachs
TEB Investment
Merrill Lynch
Oyak Yatırım
Telephone
+90-212-367-3680
+90-212-350-2552
+90-212-310-6428
+90-212-334-9531
+90-212-317-2738
+90-212-336-5174
+90-212-376-4612
+971 (4)428-1766
+90-212-339-4207
+971 (4)428-2399
+90- 216 636 4531
+90- 212-319 9574
+90- 212-319 1322
Dynamic
Growth
Fund
21%
Headquarters
Ülker Bisküvi Sanayi AS
Davutpasa Cd. No:10
Topkapı / Istanbul
T: + 90 (212) 567 6800 | F: + 90 (212) 613 9090
IR Contact
T: +90 (216) 524-25-00
[email protected]
Ülker Bisküvi Sanayi A.Ş. (ULKER) has prepared this factsheet (the “Document”) consisting of documents thereto for the sole purposes of providing information
and projections and statements relating to Ülker Bisküvi (the “Information”). Ülker cannot guarantee the accuracy, adequacy, or completeness of such
information, and cannot be responsible for the results. The Information is subject to change without any notice. Neither the Document nor the Information can
construe any investment advice, or an offer to buy or sell Ülker shares. This Document and/or the Information cannot be copied, disclosed or distributed to any
person other than the person to whom the Document and/or Information delivered or sent by Ülker or who required a copy of the same from Ülker.