Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — Q1 2024 Earnings Presentation
20 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, May 24, 2024
Slide 1: 1Q2024 Conference Call Presentation
1Q2024 CONFERENCE CALL PRESENTATION 24 MAY 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may contain certain forward-looking statements concerning our future performance and should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available
Slide 3: Important Disclaimer Regarding TAS29
Important Disclaimer Regarding TAS29 As stipulated by the decree of the Capital Markets Board, the financial statements for the 1Q2024 have been presented in accordance with TAS29 (Turkish Accounting Standard 29: Financial Reporting in Hyperinflationary Economies), and retrospective adjustments have
Slide 4: General Overview & Operating Environment
GENERAL OVERVIEW & OPERATING ENVIRONMENT ONUR ALTÜRK CEO & Beer Group President
Slide 5: Robust Start to the Year with Strong Beer Volume
Robust 2023 in aStart to the Year nutshell… with Strong Beer Volume 1 Double-digit volume growth in beer with slight increase in AEFES 2 Solid topline growth exceeding volume increase 3 Effective management of top line leading to gross profitability margin expansion 4 EBITDA BNRI margin dilution in
Slide 6: Beer Group Volume Growth Remains Strong
Beer Group Volume Growth Remains Strong • Consolidated beer volume up by 12.4% in 1Q2024 • Strong performances in Türkiye and Russia • Türkiye beer volume up 12.0% • International beer volume up by 12.5% • Russian volume up mid-teens • CIS countries’ volume down mid-single digit on average Volume Br
Slide 7: Russia
Russia • Solid growth in Russian beer market in 1Q2024 • Industry growth of high-single digit in 1Q • Own volume outperformed the industry; despite challenging competitive landscape • Mid-teens increase in total volume • Market share gain both in value and volume • Value share reaching historical-hi
Slide 8: CIS and Türkiye
CIS • CIS volume down by mid-single digit on average • Moldova and Georgia registered a growth • Softer performance in Kazakhstan; • Market decline • Ramadan impact and unfavorable weather conditions Türkiye • Strong volume performance • Volume up 12.0%; outperforming beer market • Softer January vo
Slide 9: Soft Drinks
Soft Drinks • Consolidated volume down 3.2% in 1Q2024; • Türkiye volume up 5.4% • Effective trade promotions and incentives • International volume down 7.2% • Pakistan down; macroeconomic headwinds and high base of LY • Kazakhstan down 10.8% • Uzbekistan up by 22.5%; thanks to improvement in penetra
Slide 10: Solid Top & Bottom line in 1Q2024
Solid Top & Bottom line in 1Q2024… Anadolu Efes Beer Group 1Q 1Q REVENUE • Successful RGM Initiatives TL43,562 mn TL16,204 mn NET • Favorable mix +5.1% +8.1% • Price adjustments 12.7% 6.8% BNRI % EBITDA • Robust gross profitability yet; • OPEX increasing ahead of revenue growth (-183 bps) (-393bps)
Slide 11: Financial Overview
FINANCIAL OVERVIEW GÖKÇE YANAŞMAYAN Chief Financial Officer
Slide 12: Financials
Financials Anadolu Efes Beer Group mTL 1Q2023 1Q2024 Change mTL 1Q2023 1Q2024 Change Sales Revenue 41,433 43,562 5.1% Sales Revenue 14,983 16,204 8.1% Gross Profit 14,090 15,600 10.7% Gross Profit 5,967 6,602 10.6% EBITDA (BNRI) 6,001 5,513 -8.1% EBITDA (BNRI) 1,602 1,095 -31.7% Net Income/(Loss)* 1
Slide 13: EBITDA (BNRI) & Free Cash Flow Generation – Anadolu Efes
EBITDA (BNRI) & Free Cash Flow Generation ANADOLU EFES ANADOLU EFES EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL -49% -8% -708 2,129 -1,173 -461 -5,883 -274 -8,746 6,001 5,513 -488 -1,219 754 -1,909 1Q2023 Net Revenue COGS Selling, G&A Other 1Q2024 w/TAS29 Marketing Expenses w/TAS29 1Q2023 EBI
Slide 14: EBITDA (BNRI) & Free Cash Flow Generation – Beer Group
EBITDA (BNRI) & Free Cash Flow Generation BEER GROUP BEER GROUP EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL -287% -32% -1,040 -769 1,221 -507 -682 -4,022 -188 -89 1,602 -2,102 1,095 366 -740 1Q2023 Net Revenue COGS Selling, G&A Other 1Q2024 w/TAS29 Marketing Expenses w/TAS29 1Q2023 EBITDA Cha
Slide 15: Impact of TAS29 – Anadolu Efes
Impact of TAS29 – Anadolu Efes NET REVENUE +77% +5% 43.460 41.433 43.562 +102 24.566 NET INCOME 1Q2023 1Q2024 1Q2023 1Q2024 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 +4% 3.025 3.141 +313% EBITDA +1.455 1.685 +70% -8% 409 7.141 6.001 5.513 -1.629 1Q2023 1Q2024 1Q2023 1Q2024 4.211 wo/TAS29 wo/TAS29 w/TAS29 w/
Slide 16: Impact of TAS29 – Beer Group
Impact of TAS29 – Beer Group NET REVENUE +82% +8% 16.428 16.204 14.983 -223 9.011 NET INCOME 1Q2023 1Q2024 1Q2023 1Q2024 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 +14% 1.646 1.440 EBITDA n.m. +954 693 +49% -32% 1.939 1.602 -109 1.303 -844 1.095 1Q2023 1Q2024 1Q2023 1Q2024 wo/TAS29 wo/TAS29 w/TAS29 w/TAS29 1
Slide 17: Cash & Debt Management
Cash & Debt Management Anadolu Efes Gross Debt Cash USD 2.1 bn USD 1.2 bn Average maturity 67% 64% 3.2 yrs held in Hard Currency held in Hard Currency Net Debt/EBITDA 29% 1.0x held in Eurozone Beer Group Gross Debt Cash USD 0.8 bn USD 0.6 bn Average maturity 64% 67% 3.0 yrs held in Hard Currency hel
Slide 18: Risk Management
Risk Management Beer Group Beer Group Hedges for 2024: COGS Split for 2023: 8% Commodity : 19% 16% Aluminum: 74% for TR & CIS @$2.322 6% 17% 16% 20% FX Exposure : Barley-Malt & Auxiliary Overhead (Labour Cost) Russia: 100% Hedged Glass Bottle Amortization & Other Overhead (USD/RUB: 96.97 ;EUR/RUB: 1
Slide 19: Q&A Session
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Slide 20: FX Rates
FX Rates 1Q2023 1Q2024 Δ% AVG 18.85 30.90 63.90% USD/TL PE 19.15 32.28 68.56% AVG 20.23 33.56 65.91% EUR/TL PE 20.84 34.80 66.96% AVG 3.86 2.94 -23.92% TL/RUB PE 4.02 2.86 -28.92% AVG 24.13 14.57 -39.61% TL/KZT PE 23.39 13.84 -40.84% AVG 1.94 1.24 -36.31% TL/UAH PE 1.91 1.21 -36.37% AVG 1.00 0.57 -4