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Ülker Bisküvi Sanayi A.Ş Annual Report for the Period Between January 1 – December 31, 2017

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Ülker Bisküvi Sanayi A.Ş Annual Report for the Period Between January 1 – December 31, 2017 ÜLKER BİSKÜVİ SANAYİ A.Ş ANNUAL REPORT FOR THE PERIOD BETWEEN JANUARY 1 – DECEMBER 31, 2017 KEY FINANCIAL INDICATORS In 2017, Ülker Bisküvi increased its sales by 14.7% and reached the all-time highest turnover level of its history with TL 4.8 billion. Summary Balance Sheet (TL) 2016 Restated 2017 Current Assets 3.599.182.282 4.796.550.026 Non-Current Assets 2.401.043.645 3.529.902.400 TOTAL LIABILITIES AND EQUITY 6.000.225.927 8.326.452.426 Current Liabilities 3.153.740.946 1.999.151.376 Non-Current Liabilities 1.247.463.757 3.631.397.896 Equity Attributable To Equity Holders’ of the Parent 1.399.603.255 2.427.359.715 Non-Controlling Interest 199.417.969 268.543.439 TOTAL LIABILITIES AND EQUITY 6.000.225.927 8.326.452.426 Summary P&L (TL) 2016 Restated 2017 Revenue 4.193.774.746 4.811.032.525 Gross Profit 1.074.049.647 1.276.935.898 Operating Profit 508.681.416 594.602.063 Net Profit (Equity Holders of the Parent) 272.663.250 383.153.137 Ratios 2016 Restated 2017 Gross Profit Margin (%) 25,6% 26,5% Net Margin (Equity Holders of the parent) 6,5% 8,0% Earning per Share (TL) 0,80 1,12 With effective and incessant cost management, Ülker Bisküvi continued its double digit growth in operating profit also in 2017, and increased its profit by 16.9% to TL 594.6 million. 2016 2017 Operating Profit (mn TL) 508,7 594,6 Equity Attributable To Equity Holders’ of the Parent (mn TL) 1.399,6 2.429,5 Net Profit (Equity Holders of the Parent, mn TL) 273 383 Net Profit Margin (Equity Holders of the Parent) 6,5% 8,0% EBITDA (mn TL) 575,3 701,4 EBITDA margin 13,7% 14,6% 1 SALES VOLUME AND INCOME GROWTH Continuing its successful performance also in 2017, Ülker Bisküvi reached a sales volume of 575 thousand tons, and increased its turnover to TL 4.8 billion. 2016 2017 Volume by Category (tonns) Biscuits 286.494 305.950 Chocolates 177.637 177.513 Cake 61.868 59.502 Other 96.367 32.153 Total 622.366 575.118 2016 2017 Net Sales by Category (KTL) Biscuits 1.668.482 2.041.739 Chocolates 1.960.124 2.235.117 Cake 418.008 446.133 Other 147.161 88.044 Total 4.193.775 4.811.033 CAPITAL STRUCTURE The successful financial and operational results of Ülker Bisküvi are the proof of the strong ground the Company sustainably has under any circumstances. 31 December 2017 Name of the Shareholders Share Percentage pladis Foods Limited (*) 174.420.000 51,00% Ülker Family 25.580.499 7,48% Other 141.999.501 41,52% 342.000.000 100,00% (*) In line with Yıldız Holding’s strategy of gathering all confectionary business under pladis umbrella and transform the structure of pladis as a pure confectionary company consolidating the assets like Ülker Bisküvi, United Biscuits and Star brands, on 29th of December Yıldız Holding transferred the remaining Ülker shares to pladis. After the transaction, pladis holds 51% of Ülker Bisküvi shares. 2 ÜLKER’S SHARE PERFORMANCE ON THE BIST 41.52% of Ülker’s shares are publicly traded on the BIST National Market under the ticker symbol ULKER.IS. Investors who sought a long-term investment with consistent returns continued to invest in Ülker. The Company’s share price stood at TL 19.67 as of December 29, 2017. At year-end, Ülker’s market capitalization totaled TL 6,727 million, while the market value of its free-float shares had risen to TL 2,793 million. Company Ülker Bisküvi Reuters & Forex Code ULKER.IS Bloomberg Code ULKER TI Industry FOOD Related BIST Index BIST 100 / BIST ALL SHARES / BIST STARS / BIST 100-30 / BIST INDUSTRIALS / BIST ANKARA / BIST DIVIDEND / BIST 50 / BIST SUSTAINABILITY / BIST FOOD, BEVERAGE Ülker stock performance compared to BIST-100 index performance for the period between the 1st of January and 31st of December 2017 is given in the below chart: As of 29.12.2017 Closing Price (TL) 19.67 Free Float (%) 41.52 Market Value (TL) 6.727 million Share Performance (%) 2016 2017 TL -7 23 USD -23 15 ABOUT pladis pladis aims to be a strong player in the chocolate & chocolate products, and waffle, cake, gum and sugar segments as well as sweet and savory segments. pladis is a new global company which brings together Yildiz Holding’s core snacking businesses with Godiva Chocolatier, United Biscuits and other Ülker brands under one umbrella. By revenue it forms the largest part of its parent company, Yıldız Holding. Carrying out production activities in 13 countries with 34 factories, and integrating its 300-year sector expertise, the main them of pladis company is “To promise happiness to the world with every bite”. Setting out on the road with this approach, the company carries out activities with 26.000 employees in 180 countries of different geographies in the world, and has got a wide range of products rich enough to meet different consumer expectations and needs in biscuit, chocolate, cake, confectionery and gum categories particularly with its premium chocolate brand Godiva, England’s leader biscuit brand McVitie’s, and Turkey’s and MENA region’s leader snacks brand Ülker. pladis finished its first year with double digit growth and a turnover of TL 14.3 billion on its way to become the fastest growing actor in the sector and achieved a double size growth compared to the sector. Yıldız Holding’s Revenue Breakdown Consolidated Turnover Yıldız Food TL 6.1 billion pladis TL 17.2 billion Yıldız Non – Food TL 14.4 billion Gözde TL 4.5 billion Consolidated TL 42.3 billion 3 PRODUCTION FACILITIES Manufacturing with 3 factories in the country and 6 factories outside the country, Ülker Bisküvi is the leader of the sector in biscuit market, Silivri, Istanbul Factory Chocolate, chocolate covered biscuit Established in 1995 Capacity: 45 thousand ton/year Hadımköy, Istanbul Factory Cake Established in 1992 Capacity: 62 thousand ton/year Topkapı, Istanbul Factory Chocolate Established in 1991 Capacity: 195 thousand ton/year Ankara Factory Biscuit Established in 1969 Capacity: 150 thousand ton/year Karaman Factory Biscuit, cake, cracker & chocolate Established in 1986 Capacity: 215 thousand ton/year Gebze, İzmit Factory Biscuit & cracker Established in 1997 Capacity: 122 thousand ton/year Egypt Factory Purchased in 2016 Capacity: 44 thousand ton/year Kazakhstan Factory Bought in 2017. Capacity: 47 thousand ton/year Saudi Arabia Factory Purchased in 2016 Capacity: 57 thousand ton/year 4 MESSAGE FROM THE CHAIRMAN Esteemed Shareholders, While continued global economic growth was a positive development in 2017, “optimistic expectations” were negatively affected by the geopolitical instability around the world. The presidential election and the atmosphere it created in the United States, the world's largest economy, had varying effects on other economies in the world. North Korea's weapons program remained a major cause for concern in terms of instability. Another hot topic was the Brexit process. A strong partner’s exit from the EU had a profound effect on not only European countries, but also all countries that have trade relations with the EU. The ongoing political instability in the Middle East remained a major source of uncertainty for both our region and the world. Fed’s three rate hikes during the year and the emergence of the digital currency “bitcoin” towards the end of the year were among the significant events that affected financial markets. In spite of the expectation that Turkey would be affected by the adverse conditions caused by political instability in its neighboring countries, the Turkish economy grew by an impressive 11.1% in the third quarter, casting Turkey as the fastest-growing economy among developing countries. Many international institutions and organizations, mainly the International Monetary Fund (“IMF”) and the Organization for Economic Cooperation and Development (“OECD”), revised up their growth forecasts for Turkey, which indicated that Turkey’s strong growth potential was recognized globally. The BIST 100 index began its rise at 71,792 points in December 2016 and maintained its upward trend at record rates for nine months, finally exceeding 115,000 points in 2017. Our company’s shares have also performed very well and even better at times. I can say that Ülker Bisküvi wasn’t affected by the geopolitical events that unfolded in 2017 in the countries where we operate. Ülker Bisküvi has built a lasting and robust manufacturing, sales and distribution organization in the countries and regions where it operates. Additionally, Ülker Bisküvi has positioned itself as a national, regional and local brand in line with its strategy, and it responds to consumer demands and regional needs in a fast and effective manner. Therefore, existing and potential risks do not affect our company’s operations. We will confidently move forward towards becoming a local production base for the Middle East and North Africa regions by gaining a competitive edge in terms of cost, sales and distribution, thanks to our advanced production facilities in Saudi Arabia and Egypt, and the overseas acquisitions, the second phase of which we finalized in the last days of 2017. In 2017, we also acquired the rights to manufacture, sell and distribute the products of United Biscuits in the Middle East and North Africa, which marked another important milestone for our company. The synergy created through this merger enabled Ülker to develop and manufacture hybrid products based on its 74 years of experience in the chocolate and biscuit industry, and to export these products to international markets, and primarily the United Kingdom.
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