Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — H1 2019 Earnings Presentation
18 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Aug 8, 2019
Slide 1: 1H2019 Conference Call Presentation
1H2019 CONFERENCE CALL PRESENTATION 08.08.2019
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: General Overview & Operating Environment
GENERAL OVERVIEW & APPENDIX OPERATING ENVIRONMENT Can Çaka CEO & Beer Group President
Slide 4: 2Q2019 Highlights
2Q2019 Highlights Unless stated otherwise, the figures from hereon are based on proforma numbers (including the ABI merger in Russia & Ukraine for 1H2018) and excluding IFRS16 impact for 1H2019. Volume growth of 3.9% on Consolidated and 8.7% on Consolidated Revenue up by 34.3%; Total Beer level Beer
Slide 5: Solid Topline Together with Margin Expansion
Solid Topline Together with Margin Expansion Excluding IFRS 16 EBITDA (BNRI) & SALES VOLUME NET SALES REVENUE EBITDA (BNRI) Margin 14.3% 15.4% 54.3 55.6 11,133.4 8,463.3 1,718.6 1,207.4 mn TL mn TL mhl 1H2018 1H2019 1H2018 1H2019 1H2018 1H2019 Proforma Proforma Proforma Turkey Beer 4% 8% 4% Share of
Slide 6: Robust Performance of International Beer Resulted in Strong Total Beer Growth
Robust Performance of International Beer Resulted in Strong Total Beer Growth BEER GROUP TURKEY BEER INTERNATIONAL BEER 16.2 17.5 15.1 4% 4% 13.8 7% 6% Other 2.5 mhl Kazakhstan 2.4 mhl mhl 73% 76% Russia + Ukraine Turkey 15% 14% 1H2018 1H2019 1H2018 1H2019 1H2018 1H2019 Proforma Proforma *25.4% grow
Slide 7: Focus on Quality Growth in a Challenging Environment
Focus on Quality Growth in a Challenging Environment SALES VOLUME VOLUME BREAKDOWN* BY COUNTRY 669.7 672.3 Iraq Azerbaijan 4% 8% Kazakhstan 11% 343.0 International m u/c 338.6 Turkey 49% 331.1 329.4 Turkey Pakistan 26% 1H2018 1H2019 *Breakdown is on a combined basis Consolidated sales volume incre
Slide 8: Financial Overview
APPENDIX FINANCIAL OVERVIEW N. Orhun Köstem Chief Financial Officer
Slide 9: Accelerated Topline Growth with Operational Savings and Synergies
Accelerated Topline Growth with Operational Savings and Synergies Offset Input Cost Pressures ANADOLU EFES BEER GROUP TURKEY BEER EBI 11,133 32% Net Sales 8,463 43% 5,016 3,513 25% 48% 4,074 2,762 735 919 1H2018 Proforma 1H2019 1H2018 Proforma 1H2019 1H2018 1H2019 1H2018 Proforma 1H2019 Margin: 34.9
Slide 10: Pillars of Beer Group EBITDA Growth
Pillars of Beer Group EBITDA Growth Year on year 122.3% EBITDA growth came as a result of; Higher volumes and premuimization Savings in opex * EBITDA BNRI 10
Slide 11: Strong Cash Generation
Strong Cash Generation 510 -40 -437 4 664 (mn TL) 628 Beer Group EBITDA Change in Income Taxes & CAPEX, net Net Financial FCF Working Capital Employee Income Benefits Paid /(Expense) 125 -123 -888 (mn TL) 1,769 Anadolu Efes -248 635 EBITDA Change in Income Taxes & CAPEX, net Net Financial FCF Workin
Slide 12: Balance Sheet FX Exposure Mitigated
Balance Sheet FX Exposure Mitigated... Hedged majority of outstanding debt via various instruments; both at Anadolu Efes & Beer Group level December 2018 June 2019 60% of our debt is hedged Anadolu Efes Unhedged Unhedged 40% through Net Investment Hedged 42% 58% Hedge and CCS as of 2Q2019 Hedged 60%
Slide 13: Balance Sheet Discipline Maintained
Balance Sheet Discipline Maintained Net Debt / EBITDA (BNRI)1 Maturity Schedule2 522 Anadolu Efes Consolidated 500 1.8 -67% of cash is hold as hard currency 257 M USD 163 times -84% of debt is in hard currency 141 1.4 (60% of our debt is hedged through 68 Net Investment Hedge and CCS) 59 1H2018 1H20
Slide 14: Closing Remarks
CLOSING REMARKS Can Çaka CEO & Beer Group President
Slide 15: Closing Remarks
Closing Remarks Delivered strong results and looking into future confidently, despite headwinds in terms of consumer sentiment and spending In line with our • BRAND strategy, Relaunched all our core brands in our markets yielding positive impact on 2Q19 Taking the innovation lead to drive consum
Slide 16: Q&A Session
Q&A SESSION Can Çaka N. Orhun Köstem CEO & Beer Group President Chief Financial Officer
Slide 17: Detailed 2019 Guidance
Detailed 2019 Guidance Our 2019 guidance reflects reported financials where 2018 numbers include 9-months ABI-Efes impact and 2019 expected numbers include 12-months. Reference to “proforma” means 12 month ABI-Efes impact in 2018. Although our business is mostly on track with the initial guidance on
Slide 18: FX Rates
FX Rates 1H2018 1H2019 Δ% AVG 4.09 5.62 37.5% USD/TL PE 4.56 5.76 26.2% AVG 4.94 6.35 28.4% EUR/TL PE 5.31 6.55 23.4% AVG 14.53 11.63 -20.0% TL/RUB PE 13.76 10.96 -20.4% AVG 79.90 67.50 -15.5% TL/KZT PE 74.79 66.12 -11.6% AVG 6.55 4.79 -26.8% TL/UAH PE 5.74 4.55 -20.8% AVG 4.09 3.12 -23.6% TL/MDL PE