ÜLKER | Bisküvi Sanayi A.Ş.

BİSKÜVİ SANAYİ A.Ş.
This presentation contains information and analysis on financial
statements and is prepared for the sole purpose of providing
information relating to Ülker Bisküvi Sanayi A.ġ.(Ülker Bisküvi). The
contents of this presentation is based on public information and
data provided by Ülker Bisküvi. Although it is believed that the
information and analysis are correct and the statements are
reasonable, they may be affected by variety of variables that could
cause actual results to differ materially.
Neither Ülker Bisküvi 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
 Ülker Bisküvi Sanayi A.ġ. (Ülker Bisküvi), together
with
its
subsidiaries,
engages
in
the
manufacture, marketing, sale and distribution of;
• biscuits,
• chocolate covered biscuits,
• crackers and
• wafers in Turkey and internationally.
 The company was founded in 1944 and is based
in Istanbul, Turkey. Ülker Bisküvi operates as a
subsidiary of Yıldız Holding A.ġ.
 Yıldız Holding A.ġ. is a major Turkish group
operating mainly in food industry. The Group has
operations
in
confectionary,
oils
&
fat, dairy, beverage as well as cash and carry
businesses reaching 220.000 points of sale.
 With a total of 55 factories, nine of which are
located abroad, 22,500 employees, a strong
distribution network, product variety, production
and sales power, Yıldız Holding is one of the
leading groups compared with both local and
international peers.
3
 Ülker Bisküvi is the name of the biscuit in Turkey with its powerful brands, addressing changing
consumer trends and motivations. Ülker Bisküvi’s success depends on its ability to
predict, identify and interpret the tastes and dietary habits of consumers and to develop
products that appeal to those preferences. Ülker Bisküvi’s strength lies under its;
Market Leader Position
– Leading market
share, marketing
communication, chan
nel management &
sales support, product
variety and high
quality
standards, innovation
and dynamism for
further growth,
Strong Customer
Franchise – Cross
sell, high penetration
in distribution
channels, brand
equity, long presence
in Turkey (66 years)
and export markets,
Largest producer of
biscuits in Turkey, the
Middle East and the
Balkans
Cost Efficiency Vertically integrated
structure, economies
of scale in
procurement, econom
ies of scale in
distribution
4
Strong growth
prospects in
Turkey
The size of
unpackaged
products
Rising per
capita incomes
Changes in
consumption
trends as
urbanization
increases
Opportunities in
international
markets
Per Cap. Income in Turkey ($)
15.000
10.000
10.840
12.260
13.020
13.910
13.730
2008
2009
5.000
0
2005
2006
2007
5
The biscuit consumption per capita in Europe is between 7-15 kg compared to 4.5 kg
in Turkey.
6
Biscuit – Branded
Volume Share - %
60
55
56,3
50
55,6
53,1
45
2007
2008
2009
50,3
YTD 2010
Value Share - %
60
55
56,6
50
55,5
53,6
45
2007
2008
2009
50,3
YTD 2010
7
Ticker
Company
Revenues at Dec.31, 2009
AEFES
CCOLA
ANADOLU EFES
COCA COLA ĠÇECEK
3.811.067.000
2.407.527.000
ULKER
ÜLKER BİSKÜVİ
1.551.549.924
BANVT
TATKS
KENT
PNSUT
PETUN
SKPLC
TBORG
KERVT
TUKAS
PENGD
DARDL
MERKO
KNFRT
PINSU
KRSTL
ERSU
FRIGO
ALYAG
SELGD
MERTGG
BANVĠT
TAT KONSERVE
KENT GIDA
PINAR SÜT
PINAR ET VE UN
ġEKER PĠLĠÇ
TÜRK TUBORG
KEREVĠTAġ GIDA
TUKAġ
PENGUEN GIDA
DARDANEL ÖNENTAġ
MERKO GIDA
KONFRUT GIDA
PINAR SU
KRĠSTAL KOLA
ERSU GIDA
FRĠGO PAK GIDA
ALTINYAĞ
SELÇUK YAĞ
MERT GIDA
791.600.038
693.686.750
505.769.120
480.952.097
307.871.231
261.421.552
184.893.187
158.865.846
139.433.319
84.985.416
80.736.151
65.296.784
54.873.812
54.701.397
27.705.953
18.508.614
17.655.641
16.351.480
7.870.771
6.889.548
MERT GIDA
6,8
SELÇUK YAĞ
7,8
ALTINYAĞ
16,3
FRĠGO PAK GIDA
17,6
ERSU GIDA
18,5
KRĠSTAL KOLA
27,7
PINAR SU
54,7
KONFRUT GIDA
54,8
MERKO GIDA
65,2
DARDANEL ÖNENTAġ
80,7
PENGUEN GIDA
84,9
Ülker Bisküvi is the
largest food
producer on the
ISE in terms of
revenue
TUKAġ
139,4
KEREVĠTAġ GIDA
158,8
TÜRK TUBORG
184,8
ġEKER PĠLĠÇ
261,4
PINAR ET VE UN
307,8
PINAR SÜT
480,9
KENT GIDA
505,7
TAT KONSERVE
693,6
BANVĠT
791,6
1.551,5
ÜLKER BĠSKÜVĠ
COCA COLA ĠÇECEK
2.407,5
ANADOLU EFES
3.811,0
0,0
500,0 1.000,01.500,02.000,02.500,03.000,03.500,04.000,04.500,0
in mn TL
8
 The domestic marketing and distribution of the biscuits and chocolate covered products of Ülker
Bisküvi and its subsidiaries are performed by the Company’s subsidiary, Atlas Gıda Pazarlama, as well
as Yıldız Holding companies; Pasifik Pazarlama, Esas Pazarlama, Merkez Gıda Pazarlama and Rekor
Pazarlama.
 Atlas
Pazarlama
performs
nationwide
distribution
through
its
regional
offices
in
İstanbul, Ankara, İzmir, Thrace region, Bursa, Samsun, Gaziantep, Adana and Erzurum, with 129
distributors across Turkey. Atlas Pazarlama provides regular and high quality service to 181,000 points
of sale weekly, with a total of more than 1,150 delivery vans.
Pasifik Pazarlama, owned by Yıldız Holding, conducts distribution/marketing operations of Ülker
products (not just Ülker Bisküvi products) across Turkey. Pasifik Gıda’s distribution channels consist of
major retailers including independent supermarkets and key accounts.
 Through its distribution channels, Ülker Bisküvi can reach 220,000 sales points across Turkey, which is
one of the widest networks in Turkey.
9
The Most Recognized
Brands*(Spontaneous)
The Ülker Brand is one of the best
recognized and most respected
brands in Turkey.
The Brands that Consumers
feel closest to*
•According 2009 Brand Recognition Study of AC Nielsen
10
ISTANBUL PLANT
GEBZE PLANT
ANKARA PLANT
KARAMAN PLANT
ÜB Facilities
Production
tons/year
Net Sales
tons/year
Av. Capacity
Utilization
Main Products
Produced
İstanbul
Ankara
Birlik Pazarlama
Kocaeli
Karaman
48,655
71,966
318,049
42,901
103,499
48,889
71,248
328,256
42,496
101,516
76%(3 shifts)
69%(3 shifts)
68%
87,4%(3 shifts)
65%(3 shifts)
Flour, pasta,
semolina, packaged
wheat flour, rice flour
Salty crackers
Cookies, cream filled
cookies, wafers
Cookies, cream filled Cookies, cream filled
cookies, wafers
cookies, wafers
 Ülker Bisküvi has four biscuit, cake & cracker production facilities which are well
diversified geographically across Turkey.
11
12
Manufacturing
Companies
Ülker Bisküvi
Ġdeal Gıda
Biskot Bisküvi
Sales & Marketing Companies and
Export Agents
Atlas Gıda (Domestic Marketing)
Ġstanbul Gıda (Export Agent)
Rekor Gıda (Domestic Marketing)
BirleĢik DıĢ Ticaret (Export Agent)
Birlik Pazarlama
Revenues in mn
(Dec.31.2009)
$1,002
Ülker Bisküvi
Mother Company
Manufacturing - Ülker branded products
Ġdeal Gıda
97.9
$96.5
Manufacturing - Ülker branded products
Biskot Bisküvi
50.8
$222.2
Manufacturing - Non Ülker branded products
Atlas Gıda
78.2
$393.8
Sales&Marketing - Ülker branded products
Rekor Gıda
46.6
$154.4
Sales&Marketing - Non Ülker branded products
Ġstanbul Gıda
83.8
$158.8
Export agent - Ülker branded products
BirleĢik DıĢ Ticaret
69
$33.1
Export agent - Non Ülker branded products
Birlik Pazarlama
99
$133.8
Flour producer for the Group companies
Subsidiary
Ownership - %
Operations
13
Pendik NiĢasta
23.99%
Ülker Bisküvi
39.59%
25.23%
Hero Gıda
Godiva
• Pendik Nisasta
Pendik NiĢasta is engaged in starch and glucose production.
• Hero Gıda
Hero Gıda is engaged in biscuit and baby food production.
• Godiva
Godiva Chocolatier makes and sells premium chocolates, including bonbons, truffles, flavored
coffee, cocoa mixes, cookies and ice cream.
14
Other Holdings
Ownership - %
BĠM *
Fresh Cake
Besler Gıda ve Kimya
Sağlam GYO *
12,03
10
7
10,71
Values in mn Values in mn
Dec. 31, 2009 Sep. 30, 2010
Retail
$407.7
$526.1
Cake Manufacturing
$1.5
$1.6
Oils & Fats Manufacturing
$2
$2.1
REIT
$3.3
$3.7
Operations
*based on September 30, 2010 market capitalization.
15
FYE 2008 & 2009
Revenue
COGS
Gross Profit
Operating Income
EBITDA
Net Profit
EPS
2008
(TL mn)
2009
(TL mn)
Change
(%)
Margin - 2008
(%)
Margin - 2009
(%)
1.412,1
1.105,8
306,3
97,2
94,8
15,6
0,06
1.551,5
1.162,8
388,7
147
153,6
102,9
0,38
9,9
5,2
26,9
51,2
62,2
559,6
533,3
100
78,3
21,7
6,8
6,7
1,1
0,00
100
74,9
25,0
9,5
9,9
6,6
0,02
3Q, 2010
Sep. 09
(TL mn)
Sep. 10
(TL mn)
Change
(%)
Margin - 09/2009
(%)
Margin - 09/2010
(%)
Revenue
COGS
Gross Profit
1.186,2
894,7
291,5
1.210,3
930
280,3
2
3,9
-3,8
100
75,4
24,5
100
76,8
23,1
Operating Income
EBITDA
Net Profit
EPS
111,3
118,4
77,7
0,25
86,6
89,1
86,4
0,30
-22,2
-24,7
11,1
20
9,3
9,9
6,5
7,1
7,3
7,1
16
ÜLKER BİSKÜVİ
PROFITABILITY RATIOS
Gross Margin
Return on Assets
Return on Equity
Operating Income Margin
Q1'10
24%
2%
4%
15%
FINANCIAL RATIOS
Dec.09
Q3'09 Q2'09
25%
25%
24%
4%
3%
2%
10%
7%
5%
9%
9%
10%
Q3'10
23%
3%
6%
7%
Q2'10
24%
2%
5%
8%
Q1'09
25%
0%
0%
12%
Dec.08
22%
1%
3%
7%
FINANCIAL LEVERAGE RATIOS
Long-term debt to Equity
Debt to Equity Ratio
Long-term debt to Assets
Debt Ratio
Q3'10
43%
92%
22%
47%
Q2'10
47%
103%
23%
51%
Q1'10
21%
83%
11%
45%
Dec.09
24%
130%
11%
57%
Q3'09
26%
109%
13%
52%
Q2'09
31%
127%
14%
56%
Q1'09
41%
164%
15%
62%
Dec.08
50%
169%
19%
63%
LIQUIDITY RATIOS
Current ratio
Working Capital Ratio
Q3'10
1,93
0,52
Q2'10
1,87
0,79
Q1 '10
1,34
0,65
Dec.'09
1,19
0,15
Q3 '09
1,22
0,17
Q2 '09
1,2
0,23
Q1 '09
1,17
0,39
Dec.'08
1,25
0,16
TURNOVER RATIOS
Receivables Turnover
Average Collection Period
Debt Turnover
Average Debt Payment Period
Q3'10
3,64
74
2,75
98
Q2'10
2,47
73
1,91
94
Q1'10
2,13
73
0,96
94
Dec.'09
5,92
61
3,22
112
Q3 '09
4,15
65
3,52
77
Q2 '09
3,15
57
2,23
81
Q1 '09
1,5
60
1,3
69
Dec.'08
5,86
61
3,95
91
Solid Financial Flows despite the Adverse Impacts of Global Crisis
17
ASSETS
Current assets
Cash & cash equivalents
Trade receivables
Other receivables
Inventories
Other current assets
Non - current assets
Financial assets
Trade receivables
Investments accounted for under equity method
Tangible assets
Intangible assets
Other non-current liabilities
TOTAL ASSETS
Unaudited
Audited
Current Period
Prior Period
September 30, 2010 December 31, 2009
1.310.140.693
1.486.472.342
15.738.836
279.444.678
371.186.522
294.616.878
720.446.008
720.738.604
164.794.929
160.708.314
37.974.398
30.963.868
1.310.338.695
1.242.995.613
809.846.400
684.405.037
607.847
926.967
222.460.177
264.119.649
419.922
248.857.262
292.521.715
5.848.775
12.884.700
2.620.479.388
10.435.857
2.729.467.955
18
LIABILITIES
Current Liabilities
Financial liabilities & other financial
liabilities
Trade payables
Other payables
Corporate tax payable
Provisions & Other current liabilities
Non-Current liabilities
Financial liabilities
Other non-current liabilities
SHAREHOLDERS’ EQUITY
Share capital & inflation adjustment
Valuation funds
Retained earnings
Net profit for the period
Other
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY
Unaudited
Audited
Current Period
Prior Period
September 30, 2010 December 31, 2009
675.431.452
1.253.743.647
354.570.521
246.263.647
46.510.399
6.219.062
21.867.823
581.513.417
532.813.117
48.700.300
1.363.534.519
376.656.201
565.693.954
214.450.829
80.909.636
59.937.987
548.322.137
429.455.627
249.800.245
7.608.080
18.557.558
288.605.970
241.487.624
47.118.346
1.187.118.338
376.656.201
446.354.171
138.837.334
102.917.554
60.903.340
2.620.479.388
2.729.467.955
19
ST Debt
LT Debt
Total
September 30, 2010
TL
USD
348,556,282
532,813,117
881,369,399 594,716,194
Intercompany Receivables
Intercompany Payables
Intercompany Net
693,133,208
38,871,982
654,261,226
441,471,812
Cash & Cash Equivalents
Net Debt
15,738,836
211,369,337
10,619,997
142,624,384
20
Unaudited
Jan. - Sep.
2010
Sales revenue
1.210.390.089
Cost of sales (-)
(930.018.964)
GROSS PROFIT
280.371.125
Marketing, sales and distribution expenses (-) (169.272.450)
General administrative expenses (-)
(45.811.107)
Research and development expenses (-)
-657.669
Other operating income
29.837.828
Other operating expenses (-)
(7.834.528)
OPERATING PROFIT
86.633.199
Share in net profit of investments accounted
for under equity method
(17.290.321)
Finance income
240.634.513
Finance expenses (-)
(210.467.223)
PROFIT BEFORE TAXATION
99.510.168
Tax charge from continued operations
(13.062.807)
Current tax charge
(18.231.647)
Deferred tax (charge) / benefit
5.168.840
PROFIT FOR THE PERIOD
86.447.361
Reconciliation of the profit for the period
Equityholders of the parent
80.909.636
Minority interest
5.537.725
Earnings per share from operating activities
0,30
Unaudited
July - Sep.
2010
359.921.589
(284.645.711)
75.275.878
(50.252.119)
(11.885.945)
-153.451
3.137.080
(1.018.886)
15.102.557
Unaudited
Unaudited
Jan. - Sep.
July - Sep.
2009
2009
1.186.271.192 361.625.845
(894.735.486) (267.352.447)
291.535.706 94.273.398
(150.074.391) (49.960.236)
(44.635.079) (14.023.713)
-706.868
-212.27
17.627.913
3.486.371
(2.371.716)
-557.2
111.375.565 33.006.350
(8.487.908)
96.599.652
(75.466.198)
27.748.103
(5.627.480)
(5.289.955)
-337.525
22.120.623
(14.442.454)
227.816.072
(227.268.550)
97.480.633
(19.688.340)
(19.594.756)
-93.584
77.792.293
(5.873.401)
100.845.462
(91.357.534)
36.620.877
(8.181.545)
(8.897.399)
715.854
28.439.332
20.983.148
1.137.475
0,08
67.817.126
9.975.167
0,25
25.786.435
2.652.897
0,10
21
BİSKÜVİ SANAYİ A.Ş.
Yıldız Holding A.ġ.
Kısıklı Mahallesi Ferah Caddesi No:1 34692 B.Çamlıca / Üsküdar / Ġstanbul
+ 90 (216) 524 24 95