tat yatirimci sunumu

7/29/2019 Tat Yatirimci Sunumu

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March 2012

Updated by 2011 financials



T a t

P2

Agenda

Profile – Brief Overview

Vision Statement

Strategy and Goals

Shareholder Structure

Key Competitive Advantages

Key Company Figures

Annexes – Financials and Other Data

Contacts



T a t

P3

Agenda


Vision Statement

Strategy and Goals



Key Company Figures


Contacts



T a t

P4

Profile – Brief History

1967

Foundation of TAT Konserve

Public Offer of Tat

Shares Merger between Tat, Sek,Maret and Pastavillamerged under TatKonserve umbrella

1992

2003• 1981: One of the world’s three

firms in the aseptic filling

technology in tomato paste.

• 1984: Foundation of MARET A.Ş.

• 1989: Aseptic Diced Tomato

Technology for the first time in

Turkey with TAT

• 1995 : Acquisition of Pastavilla by

Koç Group

• 1997: Acquisition of majority

shares of SEK by Koc Group

• 1998: Public offer of Pastavillashares

2008: Harranova Besi ve Tarim

Urunleri A.S., in which Tat has

58.15% shareholdership, startedto tomato plantation and tomato

paste production in GAP Region.

Target is 1.000.000 tones of

tomato plantation and 165.000

tons of tomato paste production.



T a t

P5

Profile – Key Highlights

Strong brandnames

One of the largestfood company in

Turkey

Innovative andHigh-Tech

productionsystems

Highly experiencedemployees

Customer loyalty,

product quality

Fast growingmarket and

positive economic

outlook



T a t

P6

Profile – Key Highlights (continued...)

• One of the largest tomato paste producer in Europe

• Targeting to be the largest tomato paste producer in Europe and one of the

first 5 producers around the world in three years

• Winner of “Kırmızı” Award in the Best Advertisement Text category, Success Award in the

Best Beverage Advertisement in Press category and in the Best Advertisement Campaign in

Press with “Sek Milk Stories” • “Crystal Apple” Runner-up Award in the TV Advertisement category with “Sek Yoghurt”

• Tat Ketchup, Tat Tomato Paste and Tat Mayonnaise- The most recognized brands by

ACNielsen

• Tat Ketchup- the best radiospots and outdoor activities by Ekonomist*• SEK Pasteurized Milk- the best radiospots by Ekonomist*

• SEK- the most growing milk brand in Turkey by Capital**

• SQMS ( Supplier Quality Management System ) Approval

• ISO 9001:2000 Quality Management Certificate * Weekly Economy Magazine , ** Monthly Business Magazine



T a t

P7

Profile - Key Highlights (continued...)



T a t

P8

Profile - Key Highlights (continued...)



T a t

P9

Profile – Brief Overview of Operations

• One of the largest food company

in the sector

• Manufacturing tomato, dairy,

meat and pasta products

Key Indicators

Stock Info- as of February 23, 2012

Ticker TATKS.IS

Price TL 2,44

MCap. $ 190 mio

TL Million, as of Dec.09 Dec.10 Dec.11

Total Revenues 694 787 758

Gross Profit 140 144 136

EBITDA 70 58 36

Total Employees 1.013 1.081 1.096

Registered Share Capital 250

Paid-in Capital 136MCap. $ 133 mio

Stock Info- as of December 31, 2011



T a t

P10

Profile – Merger Operation

Advantages Created by Merger ;

Synergy between the brands,

Reduction of the costs,

Utilization of the sources more efficiently

Being one of the largest food companies in Turkey

In 2003, Tat, Maret, Sek and Pastavilla mergedunder Tat’s umbrella.



T a t

P11

Profile –Production Facilities & Brand Portfolio

TAT Canning & Tomato ProcessingFoundation: 1967Facilities : Mustafa Kemal Pasa, Karacabey,

TorbaliCapacity : 182.000 tons/year

MARET Meat ProcessingFoundation : 1984Facility : TuzlaCapacity : 36.000 tons/year

PASTAVİLLA Pasta Production Foundation : 1928Facility : İzmir Capacity : 87.000 tons/year

SEK Dairy ProductsFoundation : 1963Facility : Mustafa Kemal PasaCapacity : 139.000 tons/year



T a t

P12

Agenda


Vision Statement

Strategy and Goals



Key Company Figures


Contacts



T a t

P13

Vision Statement

Our Mission...

To become a profitably developing company together with the strong brands

which presents renovated and unique products being close to the consumers

with innovations, high R&D structure, increasing productivity and consistency in

the area of food production and distribution.

Our Vision...

“To be the revolutionary, leading food production and distribution company in

Turkey.”



T a t

P14

Agenda


Vision Statement

Strategy and Goals



Key Company Figures


Contacts



T a t

P15

Strategy and Goals

We aim to reach a company that

• Is the leader in its sector

• Maximizes the shareholders’ earnings

• Keeps its technology up to date

• Keeps the environmental sensitivity

• Maximizes the application of Corporate Governance Principles

• Keeps the sensitivity to customers’ expectations



T a t

P16

Agenda


Vision Statement

Strategy and Goals



Key Company Figures


Contacts



T a t

P17


47 % of the shares are traded in ISE

41,4

9,6

5,3

43,7

Koc Holding Kagome & Sumitomo Other Koç Group Public&Other



T a t

P18

Agenda


Vision Statement

Strategy and Goals



Key Company Figures


Contacts



T a t

P19

Key Competitive Advantages / Strong Brands

Product Differentiation

Tomato Paste Market Share

Source:AC Nielsen, Quarterly Scantrack Data

0

10

20

30

40

50

Q 1 2 0 0 8

Q 2 2 0 0 8

Q 3 2 0 0 8

Q 4 2 0 0 8

Q 1 2 0 0 9

Q 2 2 0 0 9

Q 3 2 0 0 9

Q 4 2 0 0 9

Q 1 2 0 1 0

Q 2 2 0 1 0

Q 3 2 0 1 0

Q 4 2 0 1 0

Q 1 2 0 1 1

Q 2 2 0 1 1

Q 3 2 0 1 1

Q 4 2 0 1 1

%

Tat Tukaş Tamek



T a t



Ketchup Market Share

P20


0,0

10,0

20,0

30,0

40,0

Q 1

2 0 0 8

Q 2

2 0 0 8

Q 3

2 0 0 8

Q 4

2 0 0 8

Q 1

2 0 0 9

Q 2

2 0 0 9

Q 3

2 0 0 9

Q 4

2 0 0 9

Q 1

2 0 1 0

Q 2

2 0 1 0

Q 3

2 0 1 0

Q 4

2 0 1 0

Q 1

2 0 1 1

Q 2

2 0 1 1

Q 3

2 0 1 1

Q 4

2 0 1 1

%

Tat Ülker Ünilever Tukaş Pınar



T a t

P21



Premium Pasta Market Share


0

20

40

60

80

Q 1 2 0

0 8

Q 2 2 0

0 8

Q 3 2 0

0 8

Q 4 2 0

0 8

Q 1 2 0

0 9

Q 2 2 0

0 9

Q 3 2 0

0 9

Q 4 2 0

0 9

Q 1 2 0

1 0

Q 2 2 0

1 0

Q 3 2 0

1 0

Q 4 2 0

1 0

Q 1 2 0

1 1

Q 2 2 0

1 1

Q 3 2 0

1 1

Q 4 2 0

1 1

%

Pastavilla Barilla Veronelli



T a t

P22

Key Competitive Advantages /Strong Brands


Meat Products Market Share


4

9

14

19

24

Q 1 2 0 0 8

Q 2 2 0 0 8

Q 3 2 0 0 8

Q 4 2 0 0 8

Q 1 2 0 0 9

Q 2 2 0 0 9

Q 3 2 0 0 9

Q 4 2 0 0 9

Q 1 2 0 1 0

Q 2 2 0 1 0

Q 3 2 0 1 0

Q 4 2 0 1 0

Q 1 2 0 1 1

Q 2 2 0 1 1

Q 3 2 0 1 1

Q 4 2 0 1 1

%

Maret Pınar Aytaç Polonez



T a t



Total Milk Market Share

P23


0

10

20

30

Q 1 2 0 0 8

Q 2 2 0 0 8

Q 3 2 0 0 8

Q 4 2 0 0 8

Q 1 2 0 0 9

Q 2 2 0 0 9

Q 3 2 0 0 9

Q 4 2 0 0 9

Q 1 2 0 1 0

Q 2 2 0 1 0

Q 3 2 0 1 0

Q 4 2 0 1 0

Q 1 2 0 1 1

Q 2 2 0 1 1

Q 3 2 0 1 1

Q 4 2 0 1 1

%

SEK Danone Pınar Sütaş Ülker Yörsan



T a t



Pastorized Milk Market Share

P24


0

10

20

30

40

50

Q

1 2 0 0 8

Q

2 2 0 0 8

Q

3 2 0 0 8

Q

4 2 0 0 8

Q

1 2 0 0 9

Q

2 2 0 0 9

Q

3 2 0 0 9

Q

4 2 0 0 9

Q

1 2 0 1 0

Q

2 2 0 1 0

Q

3 2 0 1 0

Q

4 2 0 1 0

Q

1 2 0 1 1

Q

2 2 0 1 1

Q

3 2 0 1 1

Q

4 2 0 1 1

%

Sek A.O.C. Pınar Sutas Yörsan



T a t



UHT Milk Market Share

P25


0

10

20

30

Q

1 2 0 0 8

Q

2 2 0 0 8

Q

3 2 0 0 8

Q

4 2 0 0 8

Q

1 2 0 0 9

Q

2 2 0 0 9

Q

3 2 0 0 9

Q

4 2 0 0 9

Q

1 2 0 1 0

Q

2 2 0 1 0

O c a . 0 0

Q

4 2 0 1 0

Q

1 2 0 1 1

Q

2 2 0 1 1

Q

3 2 0 1 1

Q

4 2 0 1 1

%

SEK Danone Pınar Sütaş Ülker Yörsan



T a t

P26


Sales Network

Duzey Tuketim Mallari Pazarlama A.S. : is a Koc Group company that operates in thesales and distrubution area of consumer goods. Tat utilizes the sales and distributionnetwork of Duzey in domestic market that penetrates almost all of Turkey.



T a t

P27

Agenda


Vision Statement

Strategy and Goals



Key Company Figures


Contacts



T a t

P28

Net Sales

TL Mio

380350

448

547

629

694

787758

2004 2005 2006 2007 2008 2009 2010 2011



T a t

P29

Net Sales Breakdown by Product Group

132 124 128 164 182 167218 248

112 91171 184

221 276271

16785

90

105

143

160201

249

284

3841

44

56

6650

4859

2004 2005 2006 2007 2008 2009 2010 2011

Other Pasta Dairy Meat Tomato Paste & Canned Food

TL Mio

380 350

448

547

Total

629694

787 758



T a t

P30

Net Sales Breakdown by Region

84 89 92 94 93 94 94 90

16 11 8 6 7 6 6 10

2004 2005 2006 2007 2008 2009 2010 2011

Domestic Export

%



T a t

P31

EBITDA

36

587051

-36

40

24

1

4,8%

7,4%

10,1%

8,1%

-9,4%

0,4%

5,4%

7,2%

-60

-40

-20

0

20

40

60

80

2004 2005 2006 2007 2008 2009 2010 2011

-15%

-10%

-5%

0%

5%

10%

15%

EBITDA EBITDA Margin %

TL Mio %



T a t

P32

Gross Profit

136

114

97

71

40

10

144140

11,3%

15,8%

17,7% 18,1%

18,0%

18,3%

2,7%

20,2%

0

20

40

60

80

100

120

140

160

2004 2005 2006 2007 2008 2009 2010 2011

0%

5%

10%

15%

20%

25%

Gross Profit Gross Margin %

%TL Mio



T a t

P33

Gross Profit Margin by Product Group

5 5

-4

10

12

9

16

22

19

9

16

26

19

9

19

28

19

10

16

23

13

2325

21

11

15

911

28

13

24

19

-10

-5

0

5

10

15

20

25

30

Tomato Paste&Canned

Food

Dairy Meat Pasta

2004 2005 2006 2007 2008 2009 2010 2011

%



T a t

P34

Net Operating Profit

21

4256

3831

17-17

-56

3,9%

5,7% 6,1%5,4%

2,7%

8,0%

-14,7%

-5,0%

-80

-60

-40

-20

0

20

40

60

80

2004 2005 2006 2007 2008 2009 2010 2011

-20%

-15%

-10%

-5%

0%

5%

10%

EBIT EBIT Margin

%TL Mio



T a t

P35

Net Income

916

34

-4

11

-19-15

-54

2,0% 1,2%2,1%

4,9%

-0,7%

-14,2%

-4,4% -4,3%

-60

-50

-40

-30

-20

-10

0

10

20

30

40

2004 2005 2006 2007 2008 2009 2010 2011

-20%

-15%

-10%

-5%

0%

5%

10%

Net Income Margin

%TL Mio



T a t

P36

Agenda


Vision Statement

Strategy and Goals



Key Company Figures


Contacts



T a t

P37

Annexes

Summary Profit & Loss Statement

Summary Balance Sheet

CapEx

Agenda -2011

Tomato Plantation in Turkey & Tomato Processing in Tat

Tomato Processing Investment in Urfa

Why GAP Region?



T a t

P38

Summary Income Statement

Summary Income Statement (Mio TL) 2004 2005 2006 2007 2008 2009 2010 2011

Net Sales 380 350 448 547 629 694 787 758

Gross Profit 10 40 71 97 114 140 144 136

EBITDA -36 1 24 40 51 70 58 36

Net Operating Profit -56 -17 17 31 38 56 42 21

Profit Before Tax -62 -20 -17 17 0 38 27 5

Net Income-54 -15 -19

11 -4 34 16 9

Key Indicators (%) 2004 2005 2006 2007 2008 2009 2010 2011

Gross Profit Margin 2,7 11,3 15,8 17,7 18,1 20,2 18,3 18,0

EBITDA Margin (9,4) 0,3 5,4 7,2 8,1 10,1 7,4 4,8

Net Operating Profit Margin (14,7) (5,0) 3,9 5,7 6,1 8,0 5,4 2,7

Net Margin (14,2) (4,4) (4,3) 2,0 (0,7) 4,9 2,1 1,2



T a t

P39

Summary Balance Sheet

TL million 2004 2005 2006 2007 2008 2009 2010 2011

Current Assets 183 168 190 219 323 343 372 428

Non-current Assets 170 147 141 179 204 196 184 178

Total Assets 352 315 331 397 526 538 556 606

Current Liabilities 231 181 191 149 332 239 185 161

Net Financial Debt 156 169 202 173 291 256 246 245

Non-current Liabilities 10 40 68 100 36 100 138 209

Shareholder's Equity 111 94 73 149 158 199 233 236

Total Liabilities 352 315 331 397 526 538 556 642

Current Ratio 0,79 0,93 1,00 1,47 0,97 1,43 2,01 2,65

Liquidity Ratio 0,26 0,40 0,52 0,49 0,42 0,70 0,84 1,28

Net Financial Debt/Equity 1,49 1,81 2,79 1,17 1,84 1,29 1,05 1,04

Working Capital (Mio TL) 101 116 145 152 227 256 286 283



T a t

P40

Capital Expenditures

Capital Expenditures for up-to-date technologies

$ Million 2006 2007 2008* 2009* 2010* 2011*

Machinery , Equipment, Modernization 2 5 20 6 5 7

Infrastructure & Construction 1 6 14 4 6 1

Other 1 1 1 1 1 1

Total 4 12 35 11 12 9

* Includes Harranova investments in GAP region



T a t

P41

Agenda 2012

Growth Target in Net Sales 20%

Growth Target in Sales Quantity 14%

New SKU’s in ESL pastorized milk and yoghurt drink categories

New faces for Pastavilla, Kartal, Sek and Maret brands

New sauce types to pasta segment

New flavoured milk types

New faces for Sek branded fruit juices

Sale of idle and available real estates



T a t

P42

Tomato Plantation in Turkey & Tomato Processing in Tat

Tomato Processing by Tat (000 tons)

220 250330

500

340 300 350400

800

950

1250

610

0

200

400

600

800

1000

1200

1400

2005 2006 2007 2008 2009 2010 2011 2012P 2013P 2014P 2015P 2016P

Tomato Paste by Tat (000 tons)

195

150

125

34

65

575052

72

5539

95

0

50

100

150

200

2005 2006 2007 2008 2009 2010 2011 2012P 2013P 2014P 2015P 2016P

(tons/year) 2004 2005 2006 2007 2008 2009 2010 2011

TomatoProductionin Turkey

1.861.500 1.679.000 1.513.800 1.541.000 2.800.000 2.000.000 1.350.000 2.100.000



T a t

P43


Location ; Sanliurfa

Total Plantation Area ; 15.000-100.000

decars

Production Start Date(P) ; June 2008

Season Length ; 56 days

Tomato Processing; 1.000K tons/year by

the year 2016

Tomato Paste ; 160.000 tons/year by the

year 2016

First Tomato Investment in Southeastern Anatolia Project (GAP)



T a t

P44

Harranova Operation Scheme

AgricultureProcess

Tomato Paste

Livestock

Slaughterhouse

• CustomersMeat

By-product

• ExportAseptic

Tomato Paste

• Export/DomesticCannedTomato Paste

• Müşteriler Parça Et • CustomersWheat

Cotton

• Müşteriler Parça Et • CustomersLivestock

Tomato

Production

Feeding CropProduction

Grain Feed

Production

Tomato Paste

Production

Tomato

Residual

Livestock

Fertilizer

Slaughtering

Debonning



T a t

P45




T a t

P46

Fields for Plantation



T a t

P47

Preparation to Plantation



T a t

P48

Seedling Plantation



T a t

P49

Tomato Growing



T a t

P50

Tomato Harvesting



T a t

P51

Feeding Crop & Harvesting



T a t

P52

Tomato Entrance to Factory



T a t

P53

Tomato Processing



T a t

P54

Tomato Paste Production



T a t

P55

Livestock Process

Preparation of Monyhly & Annual

Livestock Plans Supply &Transportationfrom Domestic

Livestock MarketQuarantine~30 Days

Transfer to

Livestock Farm &Feeding Period~250-300 Days

Slaughtering

Carcass MeatProduction

Debonned MeatProduction

Customer Demand

Customers



T a t

P56

Livestock Farm



T a t

P57

Slaughtering & Debonning

Wh GAP R i



T a t

P58

Why GAP Region

Why GAP Region?



T a t

P59

Why GAP Region ?

Close to export markets

Source: Prime Ministry Southeastern Anatolia Project Regional Development Administration



T a t

P60

GAP REGION9.7 %OTHER

90.3 %

ECONOMICALLY IRRIGABLE AREA

GAP REGION20.0 %

OTHER 80.0 %

Land Potential

TOTAL AREA

Why GAP Region ?


h i



T a t

P61

Why GAP Region ?

Price of Land in Organized Industrial Zones

(per square meters)

$27.00

$9.66

$100.00

$5.17

Denizli(centre)

İstanbul(Tuzla)

Bursa(centre)

Diyarbakır

Land Prices


Wh GAP R i ?



T a t

P62

Why GAP Region ?

State Incentives

Investment Encouragement

Scheme Custom Duties And Fund Exemption

VAT Exemption On Imported And Locally Procured Machinery &Equipment

Exemption From CertainStamps Duties And Charges

Subsidized Credit Cost

5084

Others & Export Incentive

2009/15199


Wh GAP R i ?



T a t

P63

Why GAP Region ?

Law 5084

80%-100% exemption onincome withholding tax on labor,

80%-100% exemption on

social security premiums on labor;

20%-50% reduction on energy costs;

Subsidized Credit Cost for specific regions and investments

Allocation of free land.

Investment EncouragementScheme

State Incentives


2009/15199


Wh GAP R i ?



T a t

P64

Why GAP Region ?

2009/15199

Credit upto 500K TL with 5% and 2% subsidyin interest rates On TL and F/X based loans respectively,

Corporate Income Tax Rate of 2%.

45 TL/decar incentive for corn silage plantation(In 2010, as a second crop, corn silage would be planted

on 25K decars of land.)


5084

State Incentives



Wh GAP R i ?



T a t

P65

Why GAP Region ?


INVESTMENT ALLOWANCE(40% FIXED)

KOSGEB

(National SME Development Agency)Executes a comprehensive

SME support Scheme

UNDERSECRETARIAT for FOREIGN TRADEsupports exporters

Export incentive; 131 $ refund per ton per tomato paste exported


5084

State Incentives

2009/15199


Wh GAP R i ?



T a t

P66

Why GAP Region ?

Labour Costs

272,6

371,1419,3

529,8547,2558,4

934

0

100

200

300

400

500

600

700

800

900

1000

Slovenia Czech Rep. Poland Hungary S lovakia Turkey GAP Region

Monthly Salaries (Minimum Wage Rate €)

* Source: ILO for data on other countries.

* Minimum Wage Rate in Turkey from MoLSS .

* Cost to the employer in GAP Region is based on incentives offered by Law No 5084.


Why GAP Region ?



T a t

P67

Why GAP Region ?

I t a l y

J a p a n

I r e l a n d

D e n m a r k

P o r t u g a l

H u n g a r y

S w i t z e r l a n d

S l o v a k R e p .

F i n l a n d

G r e e c e

C z e c h R e p .

U K

P o l a n d

M e x i c o

C h i n e s e T a i p e i

N

e w Z e a l a n d

K o r e a

F r a n c e

U n i t e d S a t e s

G e r m a n y

S p a i n

N o r w a y

A u s t r a l i a

S . A f r i c a

A u s t r i a

T u r k e y ( 2 ) ; $ 0

, 0 6 2 4 k W h

T

u r k e y ( 1 ) ; $ 0 , 0 9 1 7 k W h

G A P R e g i o n ( 3 ) , $ 0

. 0 4 9 9 k W h

G A P R e g i o n ( 4 ) ; $ 0 , 0 3 1 2 k W h

Law no 5084 allows for

20%-50% savings on

electricity costs.

(1) Turkey, normal tariff

(2) Special tariff for less developed regions

(3) Tariff based on 20% exemption from electricity costs as per Law no 5084

(4) Tariff based on 50% exemption from electricity costs as per Law no 5084

Energy Prices

Industrial Electricity Prices in Selected OECD Countries


Why GAP Region ?



T a t

P68

Why GAP Region ?

Manufacturing Cost

14.90%100.0%Total

0.00%26.5%Others

6.25%12.5%Energy

3.40%8.5%Labor

5.25%52.5%Raw Material

Savings in GAPRegion

Average Costs

Frozen Food Manufacturers




T a t

P69

THANK YOU

Agenda



T a t

P70

Agenda


Vision Statement

Strategy and Goals



Key Company Figures


Contacts

Contacts



T a t

P71

Contacts

• Arzu Aslan KESİMER

CEO+90 216 430 00 30

[email protected]

• Tamer SOYUPAK

CFO

+ 90 216 430 01 92

[email protected]

Disclaimer

mailto:[email protected]






T a t

P72

Disclaimer

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 Konserve nor any of its directors, managers or employees nor anyother person shall have any liability whatsoever for any loss arising from use of

this presentation.

tat yatirimci sunumu

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