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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), togetherwith its subsidiaries, engages in themanufacture, marketing, sale and distribution of;
• biscuits,• chocolate covered biscuits,
• crackers and• wafers in Turkey and internationally.
The company was founded in 1944 and is basedin Istanbul, Turkey. Ülker Bisküvi operates as a
subsidiary of Yıldız Holding A.ġ.
Yıldız Holding A.ġ. is a major Turkish groupoperating mainly in food industry. The Group hasoperations 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 arelocated abroad, 22,500 employees, a strongdistribution network, product variety, productionand sales power, Yıldız Holding is one of the
leading groups compared with both local andinternational 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 topredict, identify and interpret the tastes and dietary habits of consumers and to developproducts that appeal to those preferences. Ülker Bisküvi’s strength lies under its;
4
Market Leader Position– Leading market share, marketing
communication, channel management &
sales support, productvariety and high
qualitystandards, innovation
and dynamism forfurther growth,
Strong CustomerFranchise – Cross
sell, high penetrationin distribution
channels, brandequity, long presence
in Turkey (66 years) and export markets,
Largest producer of biscuits in Turkey, theMiddle East and the
Balkans
Cost Efficiency -Vertically integratedstructure, economies
of scale in procurement, econom
ies of scale in distribution
5
Strong growthprospects in
Turkey
Rising percapita incomes
Opportunities in international
markets
Changes in consumption
trends as urbanization
increases
The size of unpackaged
products
10.84012.260
13.02013.910 13.730
0
5.000
10.000
15.000
2005 2006 2007 2008 2009
Per Cap. Income in Turkey ($)
The biscuit consumption per capita in Europe is between 7-15 kg compared to 4.5 kg in Turkey.
6
7
56,3 55,653,1
50,345
50
55
60
2007 2008 2009 YTD 2010
Volume Share - %
56,6 55,553,6
50,345
50
55
60
2007 2008 2009 YTD 2010
Value Share - %
Biscuit – Branded
8
3.811,0
2.407,5
1.551,5
791,6
693,6
505,7
480,9
307,8
261,4
184,8
158,8
139,4
84,9
80,7
65,2
54,8
54,7
27,7
18,5
17,6
16,3
7,8
6,8
0,0 500,0 1.000,01.500,02.000,02.500,03.000,03.500,04.000,04.500,0
ANADOLU EFES
COCA COLA ĠÇECEK
ÜLKER BĠSKÜVĠ
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
in mn TL
Ticker Company Revenues at Dec.31, 2009
AEFES ANADOLU EFES 3.811.067.000
CCOLA COCA COLA ĠÇECEK 2.407.527.000
ULKER ÜLKER BİSKÜVİ 1.551.549.924
BANVT BANVĠT 791.600.038
TATKS TAT KONSERVE 693.686.750
KENT KENT GIDA 505.769.120
PNSUT PINAR SÜT 480.952.097
PETUN PINAR ET VE UN 307.871.231
SKPLC ġEKER PĠLĠÇ 261.421.552
TBORG TÜRK TUBORG 184.893.187
KERVT KEREVĠTAġ GIDA 158.865.846
TUKAS TUKAġ 139.433.319
PENGD PENGUEN GIDA 84.985.416
DARDL DARDANEL ÖNENTAġ 80.736.151
MERKO MERKO GIDA 65.296.784
KNFRT KONFRUT GIDA 54.873.812
PINSU PINAR SU 54.701.397
KRSTL KRĠSTAL KOLA 27.705.953
ERSU ERSU GIDA 18.508.614
FRIGO FRĠGO PAK GIDA 17.655.641
ALYAG ALTINYAĞ 16.351.480
SELGD SELÇUK YAĞ 7.870.771
MERTGG MERT GIDA 6.889.548
Ülker Bisküvi is the
largest food
producer on the
ISE in terms of
revenue
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 Ülker Brand is one of the best
recognized and most respected
brands in Turkey.
•According 2009 Brand Recognition Study of AC Nielsen
The Most RecognizedBrands*(Spontaneous)
The Brands that Consumers
feel closest to*
10
11
ISTANBUL PLANT
GEBZE PLANT
ANKARA PLANT
KARAMAN PLANT
ÜB Facilities İstanbul Ankara Birlik Pazarlama Kocaeli Karaman Production
tons/year48,655 71,966 318,049 42,901 103,499
Net Sales
tons/year48,889 71,248 328,256 42,496 101,516
Av. Capacity
Utilization76%(3 shifts) 69%(3 shifts) 68% 87,4%(3 shifts) 65%(3 shifts)
Main Products
Produced
Cookies, cream filled
cookies, wafers
Cookies, cream filled
cookies, wafers
Flour, pasta,
semolina, packaged
wheat flour, rice flour
Salty crackersCookies, cream filled
cookies, wafers
Ülker Bisküvi has four biscuit, cake & cracker production facilities which are well
diversified geographically across Turkey.
12
13
Subsidiary Ownership - % OperationsRevenues in mn
(Dec.31.2009)
Ülker Bisküvi Mother Company Manufacturing - Ülker branded products $1,002
Ġdeal Gıda 97.9 Manufacturing - Ülker branded products $96.5
Biskot Bisküvi 50.8 Manufacturing - Non Ülker branded products $222.2
Atlas Gıda 78.2 Sales&Marketing - Ülker branded products $393.8
Rekor Gıda 46.6 Sales&Marketing - Non Ülker branded products $154.4
Ġstanbul Gıda 83.8 Export agent - Ülker branded products $158.8
BirleĢik DıĢ Ticaret 69 Export agent - Non Ülker branded products $33.1
Birlik Pazarlama 99 Flour producer for the Group companies $133.8
ManufacturingCompanies
Sales & Marketing Companies andExport Agents
Ülker Bisküvi Atlas Gıda (Domestic Marketing)
Ġstanbul Gıda (Export Agent)Ġdeal Gıda
Biskot BisküviRekor Gıda (Domestic Marketing)BirleĢik DıĢ Ticaret (Export Agent)
Birlik Pazarlama
• 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
Ülker Bisküvi
Pendik NiĢasta
Hero Gıda
Godiva
23.99%
39.59%
25.23%
15
*based on September 30, 2010 market capitalization.
Other Holdings Ownership - % OperationsValues in mn Values in mn
Dec. 31, 2009 Sep. 30, 2010
BĠM * 12,03 Retail $407.7 $526.1
Fresh Cake 10 Cake Manufacturing $1.5 $1.6
Besler Gıda ve Kimya 7 Oils & Fats Manufacturing $2 $2.1
Sağlam GYO * 10,71 REIT $3.3 $3.7
16
3Q, 2010
FYE 2008 & 2009
2008 2009 Change Margin - 2008 Margin - 2009
(TL mn) (TL mn) (%) (%) (%)Revenue 1.412,1 1.551,5 9,9 100 100
COGS 1.105,8 1.162,8 5,2 78,3 74,9
Gross Profit 306,3 388,7 26,9 21,7 25,0
Operating Income 97,2 147 51,2 6,8 9,5
EBITDA 94,8 153,6 62,2 6,7 9,9
Net Profit 15,6 102,9 559,6 1,1 6,6
EPS 0,06 0,38 533,3 0,00 0,02
Sep. 09 Sep. 10 Change Margin - 09/2009 Margin - 09/2010
(TL mn) (TL mn) (%) (%) (%)Revenue 1.186,2 1.210,3 2 100 100
COGS 894,7 930 3,9 75,4 76,8
Gross Profit 291,5 280,3 -3,8 24,5 23,1
Operating Income 111,3 86,6 -22,2 9,3 7,1
EBITDA 118,4 89,1 -24,7 9,9 7,3
Net Profit 77,7 86,4 11,1 6,5 7,1
EPS 0,25 0,30 20
Solid Financial Flows despite the Adverse Impacts of Global Crisis
17
ÜLKER BİSKÜVİ FINANCIAL RATIOS
PROFITABILITY RATIOS Q3'10 Q2'10 Q1'10 Dec.09 Q3'09 Q2'09 Q1'09 Dec.08
Gross Margin 23% 24% 24% 25% 25% 24% 25% 22%
Return on Assets 3% 2% 2% 4% 3% 2% 0% 1%
Return on Equity 6% 5% 4% 10% 7% 5% 0% 3%
Operating Income Margin 7% 8% 15% 9% 9% 10% 12% 7%
FINANCIAL LEVERAGE RATIOS Q3'10 Q2'10 Q1'10 Dec.09 Q3'09 Q2'09 Q1'09 Dec.08
Long-term debt to Equity 43% 47% 21% 24% 26% 31% 41% 50%
Debt to Equity Ratio 92% 103% 83% 130% 109% 127% 164% 169%
Long-term debt to Assets 22% 23% 11% 11% 13% 14% 15% 19%
Debt Ratio 47% 51% 45% 57% 52% 56% 62% 63%
LIQUIDITY RATIOS Q3'10 Q2'10 Q1 '10 Dec.'09 Q3 '09 Q2 '09 Q1 '09 Dec.'08
Current ratio 1,93 1,87 1,34 1,19 1,22 1,2 1,17 1,25
Working Capital Ratio 0,52 0,79 0,65 0,15 0,17 0,23 0,39 0,16
TURNOVER RATIOS Q3'10 Q2'10 Q1'10 Dec.'09 Q3 '09 Q2 '09 Q1 '09 Dec.'08
Receivables Turnover 3,64 2,47 2,13 5,92 4,15 3,15 1,5 5,86
Average Collection Period 74 73 73 61 65 57 60 61
Debt Turnover 2,75 1,91 0,96 3,22 3,52 2,23 1,3 3,95
Average Debt Payment Period 98 94 94 112 77 81 69 91
18
ASSETS
Unaudited Audited
Current Period Prior Period
September 30, 2010 December 31, 2009
Current assets 1.310.140.693 1.486.472.342
Cash & cash equivalents 15.738.836 279.444.678
Trade receivables 371.186.522 294.616.878
Other receivables 720.446.008 720.738.604
Inventories 164.794.929 160.708.314
Other current assets 37.974.398 30.963.868
Non - current assets 1.310.338.695 1.242.995.613
Financial assets 809.846.400 684.405.037
Trade receivables 607.847 926.967
Investments accounted for under equity method 222.460.177 248.857.262
Tangible assets 264.119.649 292.521.715
Intangible assets 419.922 5.848.775
Other non-current liabilities 12.884.700 10.435.857
TOTAL ASSETS 2.620.479.388 2.729.467.955
19
LIABILITIES
Unaudited Audited
Current Period Prior Period
September 30, 2010 December 31, 2009
Current Liabilities 675.431.452 1.253.743.647
Financial liabilities & other financial liabilities 354.570.521 548.322.137
Trade payables 246.263.647 429.455.627
Other payables 46.510.399 249.800.245
Corporate tax payable 6.219.062 7.608.080
Provisions & Other current liabilities 21.867.823 18.557.558
Non-Current liabilities 581.513.417 288.605.970
Financial liabilities 532.813.117 241.487.624
Other non-current liabilities 48.700.300 47.118.346
SHAREHOLDERS’ EQUITY 1.363.534.519 1.187.118.338
Share capital & inflation adjustment 376.656.201 376.656.201
Valuation funds 565.693.954 446.354.171
Retained earnings 214.450.829 138.837.334
Net profit for the period 80.909.636 102.917.554
Other 59.937.987 60.903.340
TOTAL LIABILITIES &SHAREHOLDERS' EQUITY 2.620.479.388 2.729.467.955
20
September 30, 2010
TL USD
ST Debt 348,556,282
LT Debt 532,813,117
Total 881,369,399 594,716,194
Intercompany Receivables 693,133,208
Intercompany Payables 38,871,982
Intercompany Net 654,261,226 441,471,812
Cash & Cash Equivalents 15,738,836 10,619,997
Net Debt 211,369,337 142,624,384
21
Unaudited Unaudited Unaudited Unaudited
Jan. - Sep. 2010
July - Sep. 2010
Jan. - Sep. 2009
July - Sep. 2009
Sales revenue 1.210.390.089 359.921.589 1.186.271.192 361.625.845
Cost of sales (-) (930.018.964) (284.645.711) (894.735.486) (267.352.447)
GROSS PROFIT 280.371.125 75.275.878 291.535.706 94.273.398
Marketing, sales and distribution expenses (-) (169.272.450) (50.252.119) (150.074.391) (49.960.236)
General administrative expenses (-) (45.811.107) (11.885.945) (44.635.079) (14.023.713)
Research and development expenses (-) -657.669 -153.451 -706.868 -212.27
Other operating income 29.837.828 3.137.080 17.627.913 3.486.371
Other operating expenses (-) (7.834.528) (1.018.886) (2.371.716) -557.2
OPERATING PROFIT 86.633.199 15.102.557 111.375.565 33.006.350
Share in net profit of investments accountedfor under equity method (17.290.321) (8.487.908) (14.442.454) (5.873.401)
Finance income 240.634.513 96.599.652 227.816.072 100.845.462
Finance expenses (-) (210.467.223) (75.466.198) (227.268.550) (91.357.534)
PROFIT BEFORE TAXATION 99.510.168 27.748.103 97.480.633 36.620.877
Tax charge from continued operations (13.062.807) (5.627.480) (19.688.340) (8.181.545)
Current tax charge (18.231.647) (5.289.955) (19.594.756) (8.897.399)
Deferred tax (charge) / benefit 5.168.840 -337.525 -93.584 715.854
PROFIT FOR THE PERIOD 86.447.361 22.120.623 77.792.293 28.439.332
Reconciliation of the profit for the period
Equityholders of the parent 80.909.636 20.983.148 67.817.126 25.786.435
Minority interest 5.537.725 1.137.475 9.975.167 2.652.897
Earnings per share from operating activities 0,30 0,08 0,25 0,10
BİSKÜVİ SANAYİ A.Ş.Yıldız Holding A.ġ.
Kısıklı Mahallesi Ferah Caddesi No:1 34692 B.Çamlıca / Üsküdar / Ġstanbul + 90 (216) 524 24 95