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ÜLKER BİSKÜVİ Annual Report 2020

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ÜLKER BİSKÜVİ Annual Report 2020 ÜLKER BİSKÜVİ Annual Report 2020 CONTENTS Biscuit Ülker Pötibör, Biskrem, Ülker Bebe, Hanımeller, Saklıköy, İkram, Ülker Kremalı, Çokoprens, 9 Kat Tat, 9 Kat Rulokat, 9 Kat İnce İnce, Probis, Çokomel, Altınbaşak, Rondo, Canpare, Haylayf, Ülker Finger, Ülker Deluxe, Dore, Ülker Kakaolu Bisküvi, Kat Kat Tat, Çizi, 12 Key Financial and Çiziviç, Ülker Çubuk Kraker, Ülker Susamlı, Operational Indicators Çubuk Kraker, Krispi, Taç Kraker, Cici Balık, 14 Sales Volume and Revenue McVitie’s Growth 14 Capital Structure 15 Ülker and Its Share Performance on the BIST Chocolate 16 About pladis Ülker Çikolatalı Gofret, Halley, Albeni, Dido, 18 Ülker Bisküvi Production Laviva, Çokonat, Metro, Cocostar, Hobby, Facilities Piko, Çokomilk, Alpella, Çokokrem, Ülker 20 Message from the Chairman Çikolata, Napoliten, Caramio, Smartt, Ülker 22 Message from the CEO Flipz, Ece, Çikolatin, Buklet, Konçerto, Senfoni, 26 Strategies Select, Lalezar, Beylerbeyi, Godiva 27 Current Economic Outlook, Global and Turkish Food Industries 28 Marketing 30 Production and Capacity 36 Operational Excellence 38 Investments Cake 39 Subsidiaries and Financial Investments 42 Sustainability Dankek, O’lala, 8 Kek, Kekstra, Pöti, Ülker 50 Human Resources Fırından, Çokokrem Pankek, Albeni 52 Research, Development and Innovation 54 Quality Assurance 56 Social Responsibility 58 Corporate Governance Principles Compliance Report 71 Declaration of Compliance to Sustainability Principles 72 Sustainability Principles SALES VOLUME BY CATEGORY Compliance Framework 86 Risk Management (Thousand tons) 2019 (%) 2020 (%) Growth in 2019-2020 87 Investor Relations Biscuit 328 57 334 56 1.6% 88 Other Issues Regarding Chocolate 199 35 219 37 9.8% Company Operations Cake 49 8 42 7 -12.8% 89 Statement of Responsibility Confectionary Total 576 100 595 100 3.2% Regarding the Annual Report 90 Subsidiary Company Report Results NET SALES BY CATEGORY 91 Independent Audit Report 93 Consolidated Financial (TL Million) 2019 (%) 2020 (%) Growth in 2019-2020 Statements for the Year Biscuit 3,395 44 4,149 44 22.2% January 31-December Chocolate 3,757 49 4,694 50 25.0% 31, 2020 Together with Cake 575 7 557 6 -3.2% Independent Auditor’s Report Confectionary Total 7,727 100 9,401 100 21.7% Taste and success are at the top! Life was interrupted due to the coronavirus pandemic. Everyone stayed at home. A strange time commenced. Someone had to add flavor to life. As Turkey’s leading food company, Ülker Bisküvi remained committed to its business mission throughout the pandemic. Our employees continued to work with great effort while adhering to strict precautionary measures. During this challenging period, we maintained our export performance in line with our production, sales and distribution activities. As a result, we extended our sustainable growth. We continued to spread happiness not only to Turkey but across the world with our delicious taste, commitment and success, driven by our domestic production operations as well as our exports. We Expanded Our Export and International Operations Strongly The world needed a little happiness during these difficult days. We exported our products to over 100 countries. We maintained our leadership position in the biscuit market in Saudi Arabia and Egypt. We also extended our strong growth trend in Central Asian countries. International operations growth rate 23.4% Total revenue TL 9.4 billion We Supported Our Farmers In line with the sustainable development goals of our country, we develop projects that always prioritize local producers in our sustainability activities. With Aliağa Biscuit Wheat, which emerged after many years of our joint work with Bahri Dağdaş International Agricultural Research Institute, we provided high-yielding biscuit wheat that is locally developed and drought-, disease- and climate change-resistant – a first in Turkey. Our wheat, which we harvested for the first time in july 2020, was sowed again in november. Our goal is to meet more than half of our needs from Aliağa Biscuit Wheat in 2023. We Introduced New Flavors to Our Consumers Ülker is a company that always listens to the needs of its consumers and produces the right solutions for them. During the pandemic period, we have closely followed changing consumer habits and trends. We continued to innovate without slowing down. With new tastes and discoveries, Ülker is always there for life’s little moments of happiness. We have continued to be a pioneer in the industry. Share of new products in revenue* 13.6% * In the Turkish market We Boosted Production without Waste While ramping up our production, we remained mindful of expenses. As a result of nearly 150 improvement projects that we have implemented, we recorded significant savings. Targeting the goal of zero waste, we recycle 91% of our waste. In addition, we have reduced our electricity and water consumption. Savings achieved through projects in 2020 TL 21 million We Understand that Nature is Entrusted to Us We care about making our stakeholders and our planet feel happy and staying happy while doing our job. We act responsibly in order to protect the unique natural assets and resources of our beautiful country and pass them on to future generations. Since 2014, we have grown steadily without any increase in carbon emissions. We raise social awareness by saying “My beautiful country, nature is entrusted to us.” Logistics-induced carbon emission reduction target 20% BİSKÜVİ Annual Report 2020 Key Financial and Operational Indicators Ülker Bisküvi reached successful financial and operational results by increasing its market share in the biscuit and chocolate categories, and increased its sales revenue to TL 9.4 billion in 2020. Summary Balance Sheet (TL Million) 2019 2020 Current Assets 8,720 13,263 Non-Current Assets 4,072 4,630 Short-term Liabilities 6,800 2,454 Long-term Liabilities 1,058 8,965 Shareholders' Equity 4,934 6,474 Summary Income Statement (TL Million) 2019 2020 Revenue 7,803 9,401 Gross Profit 2,139 2,643 Operating Profit 1,154 1,493 Net Profit (Equity Holders of the Parent) 997 1,016 Ratios 2019 2020 Gross Profit Margin 27.4% 28.1% EBITDA Margin 16.7% 17.2% Net Profit Margin(Equity Holders of the Parent) 12.8% 10.8% Earnings per Share (1TL Nominal) 2.91 2.97 12 BİSKÜVİ Annual Report 2020 Revenue (TL Million) Operating Profit (TL Million) 9,401 EBITDA Margin (%) 7,803 1,493 1,154 17.2 16.7 2019 2020 2019 2020 2019 2020 Shareholders’ Equity (TL Million) Gross Profit (TL Million) 6,474 Gross Profit Margin (%) 4,934 2,643 2,139 28.1 27.4 2019 2020 2019 2020 2019 2020 13 BİSKÜVİ Annual Report 2020 Sales Volume and Revenue Growth Sales Volume by Category Net Sales by Category (Thousand Tons) (TL Million) Biscuit Chocolate Cake Biscuit Chocolate Cake 49 42 575 557 199 219 3,757 4,694 328 334 3,395 4,149 2019 2020 2019 2020 Capital Structure 31 December 2020 31 December 2019 Name of the Shareholder Share Value Share Ratio Share Value Share Ratio pladis Foods Limited 174,420 51.00% 174,420 51.00% Yıldız Holding A.Ş. and Ülker Family 25,580 7.48% 25,580 7.48% Members Other 142,000 41.52% 142,000 41.52% Total 342,000 100.00% 342,000 100.00% 14 BİSKÜVİ Annual Report 2020 Ülker and Its Share Performance on the BIST 41.5% of Ülker’s shares are publicly traded on the BIST Star Market under the ticker symbol ULKER.IS. Preferred by the investors who sought a long-term investment Ülker’s share price stood at TL 23.1 as of December 31, 2020. At year-end, Ülker’s market capitalization totaled TL 7,914 million, while the market value of its free-float shares reached to TL 3,297 million. Company Ülker Bisküvi Reuters & Forex Code ULKER.IS Bloomberg Code ULKER TI Sector FOOD Related BIST Index BIST ALL BIST FOOD, BEVERAGE BIST INDUSTRIALS BIST SUSTAINABILITY BIST DIVIDEND BIST 100 BIST 50 BIST STARS BIST ANKARA Ülker stock performance compared to BIST-100 index performance for the period between the 1st of January and 31st of December 2020 is given in the below table: As of 31.12.2020 Closing Price (TL) 23.1 Free Float (%) 41.5 Market Value (TL) 7,914 Stock Performance (%) 2019 2020 TL 22.4 23.1 USD 3.8 3.1 15 BİSKÜVİ Annual Report 2020 About pladis Bringing together Yıldız Holding’s core confectionery businesses and beloved brands, including McVitie’s, Ülker, and Godiva under a single roof, pladis continues its global journey successfully which started with the motto “We are promising to bring happiness to the world with every bite.” pladis delivers supermarket series Godiva chocolates, regional brands such as Jacob’s, go ahead!, Carr’s, Flipz, BN, Verkade , MENA market leader Ülker and many more, delighting consumers with products across the snacking category including sweet and savory biscuits, wafer, cake, chocolate, gum and candy to the consumers. Formed in 2016 with a promise to bring happiness to the various geographical parts of the world, pladis is the proud steward of more than 300 years’ baking and confectionery heritage. Equipped with the expertise of more than 16 thousand employees at 25 factories in 11 countries, pladis is happily working to deliver the highest quality products to 4 billion people across the world. NORTH AMERICA pladis continues its global journey successfully which started with the motto “We are promising to bring happiness to the world with every bite.” 16 BİSKÜVİ Annual Report 2020 pladis operates in 25 plants across 11 countries, with more than 16 thousand employees and deep expertise exceeding 300 years of experience, to bring happiness to the world with every bite to all its consumers by responding to the expectations and needs of the consumers with a rich variety of product range.
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