“Turkey’s Largest Food Company” F i r s t Q u a r t e r 2 0 1 4 F i n a n c i a l R e s u l t s M a y 7 , 2 0 1 4 Borsa Istanbul: ULKER ULKER.TI (Bloomberg) | ULKER IS (Reuters) www.ulkerbiskuvi.com.tr
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 forward- looking 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 This presentation does not include an official offer of shares; an offering circular will not be published.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
Turkey Macro Economic Overview GDP Growth (%) 12,6 Strong economic activity due to 12,4 2013 GDP support from public sector 10,4 Growth 9,3 9,3 4% 8,7 5,3 5,3 Household consumption grew by 4,5 4,4 4,3 3,1 2,9 2,8 4.7% in 2013 1,5 1,3 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 Easing consumer confidence reversed Consumer Confidence Index in March 2014 92 89 75 72 73 69 Consumer prices of 8.39% in March 2014 Food price inflation +10% in March Jan-12 Feb-12 March-12 April-12 May-12 June-12 July-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 March-13 April-13 May-13 June-13 July-13 Aug-2013 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 March-14 2014 3
Breakdown of Net Sales Breakdown of sales volume (ton) Consolidated sales volume was up by 3.0% in 1Q14 with growth attributable to: 130.157 126.403 Cake • Higher biscuit and cakes sales Chocolate • High base limited the volume growth in 18.431 Biscuit 16.393 chocolate 42.831 • Price increases 44.948 Biscuits sales volume was 53% (1Q13: 52%) of total 68.895 65.063 1Q14 sales volume, where chocolate was 33% (1Q13: 36%) and cake was 14% (1Q13: 13%) 1Q2013 1Q2014 Breakdown of sales revenue (TL million) Consolidated sales revenue was up by 11% in 1Q14, 792 primarily as a result of: Other 716 Cake • Price increase & downsizings Chocolate 20 Biscuit • Higher export revenues 29 86 • Lower discounts & returns 81 385 354 Exports were 23% of total sales revenue in 1Q14 301 253 Merchandise sales share dropped down to 2.5% (1Q13: 4.0%) of sales revenue in 1Q14 1Q2013 1Q2014 4
Gross Profit & EBITDA Gross Profit (TL mn) Gross Profit Margin Steady increase in gross profit : 22,7% 22,7% 179,7 • Price increases • Lower sales discounts & returns 162,6 1Q13 1Q14 1Q13 1Q14 EBITDA (TL mn) EBITDA Margin EBITDA has increased to TL 88 mn, an increase of 13.9% in 1Q14 as a result of: 87,8 11,1% • Lower marketing expenses • Efficiency oriented opex management 77,1 10,8% 1Q13 1Q14 1Q13 1Q14 *Excludes Other Nonoperating Income&Expenses *Excludes Other Nonoperating Income&Expenses 5
Other Financial Figures Major Other Financial Figures 1Q2013 1Q2014 (TL mn) Other Income From Operations 34,0 93,0 17,6 69,6 FX gain from trade Rec & Pay Net other income and expense Due date inc. derived from credit sales 9,2 12,7 from operations amounted TL 5 Other income from operations 7,2 10,7 mn Other Expense From Operations 29,3 87,6 16,4 66,3 FX loss from trade Rec & Pay Due date expense derived from credit purchases 6,6 9,3 Rediscount Expense 3,8 9,1 Other expense From Operations 2,5 2,9 Net Other Inc/Exp From Operations 4,7 5,4 1Q2013 1Q2014 (TL mn) Income From Investing Activities 36,4 134,7 Net gain from investing activities FX gain from investing activities* 17,6 121,4 amounted TL 40 mn on the back of 15,6 11,8 Interest Income FX loss from bank deposits Gain on sales of fixed assets 1,3 0,0 Other 1,9 1,5 Expense From Investing Activities 13,1 95,0 FX loss from investing activities* 13,0 95,0 0,1 0,0 Loss on sales of fixed assets 0,0 0,0 Other Net Inc/Exp From Investing Activities 23,3 39,7 *FX Income from bank deposits and non-trade receivables from related parties 6
FX and Net Profit Net Foreign Exchange Gain/Loss (TL mn) 1Q2013 1Q2014 Net foreign exchange loss was TL Net Foreign Exchange Gain/Loss From Operations 1,2 3,4 2.9 mn in 1Q14 vs loss of TL 0.9 mn Net Foreign Exchange Gain/Loss From Investments 4,6 26,4 in 1Q13 Net Foreign Exchange Gain/ Loss From Finance -6,7 -32,6 Net Foreign Exchange Gain/Loss -0,9 -2,9 • TL 92 mn of short FX position as of March 31, 2014 Net Profit (TL mn) Net income was TL 51 mn in 1Q14, 51,3 increase in net income is attributable to: • Better operational performance 45,4 • Net foreign exchange loss limited the bottom line growth 1Q13 1Q14 7
Cash Cycle and Net Debt Cash Cycle (Days) Cash Cycle generated 32 days in 77 76 1Q14 68 67 • Receivable day is down by 8 days over 2013 A/R • Payable day is down by 10 days over A/P 2013 32 Inv. 32 31 33 • Inventory day is down by 2 day over Cash Cycle 2013 2013 1Q14 Net Debt (TL mn) 102 92 Net debt stands at TL 20 million, as of March 31, 2014 55 20 2011 2012 2013 1Q14 8
“Turkey’s Largest Food Company” Q u e s t i o n s & A n s w e r s 9
Kısıklı Mahallesi Ferah Caddesi No:1 34692 B. Çamlıca / Üsküdar / İstanbul Türkiye For more information, please contact us + 90 (216) 524 25 56 , or email us at ir@ulker.com.tr www.ulkerbiskuvi.com.tr
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