Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — H1 2023 Earnings Presentation
18 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Aug 9, 2023
Slide 1: 1H 2023 Conference Call Presentation
1H 2023 CONFERENCE CALL PRESENTATION 9 August 2023
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 & OPERATING ENVIRONMENT CAN ÇAKA CEO & Beer Group President
Slide 4: Strong momentum in 1H led to guidance upgrade
Strong momentum in 1H led to guidance upgrade… Robust performance outpacing expectations EBITDA BNRI margin expansion despite high base 6 consecutive quarters of margin expansion in beer group Outstanding cash generation with higher EBIT & prudent capex FY2023 guidance revision with strong 1H perfor
Slide 5: Volume Breakdown: Accelerated performance in beer volumes
Accelerated performance in beer volumes… • Beer volume up 5.3% in 2Q • Significantly ahead of expectations • Accelerated performance vs. 1Q2023 • Türkiye beer volume up by 20.6% • International beer volume up by 2.4% • Russian volume down by low-single digits • Ukraine up; very low comparables of 2Q
Slide 6: Russia
Russia • Russian beer market improved* in 2Q vs last year; • Low comparable of 2Q2022 due to supply chain constraints • Low-pricing environment; supporting growth • Premium & Value segment growth observed • Russian operation volume down by low-single digit; • Better momentum versus 1Q2023 & 4Q2022 •
Slide 7: Georgia, CIS and Türkiye
Georgia CIS • CIS volume up low-single digit in total • Kazakhstan volume up low-to-mid single digit • Above 10% volume growth in Georgia • Moldova volume down; high inflation affecting affordability Türkiye • Turkish beer market was strong in 2Q • Favorable pricing • Higher tourism activity • Türki
Slide 8: Volume Breakdown: Soft Drinks
Soft Drinks Soft Drinks • Consolidated volume down 8.9% in 2Q; • Türkiye volume down 9.4%; • High base of last year • High inflationary environment • Lowest temperatures in last 5 years • International volume down 8.6%; • Pakistan down 27.5%; macro headwinds & excise tax increase • Double-digit grow
Slide 9: Strong bottomline performance with robust cash generation
Strong bottomline performance with robust cash generation… Anadolu Efes Beer Group • Effective pricing 2Q 1H 2Q 1H REVENUE +54.9% +63.4% +48.7% +58.2% • Carry over pricing impact from last year NET CCR*:+37.9% CCR*:+41.7% CCR*:29.5% CCR*:+29.0% • Channel & product mix • Higher FX translation impact
Slide 10: Financial Overview
FINANCIAL GÖKÇE YANAŞMAYAN OVERVIEW Chief Financial Officer
Slide 11: Financials
Financials Anadolu Efes Beer Group mTL mTL 2Q2023 Change 1H2023 Change 2Q2023 Change 1H2023 Change Sales Revenue 38,002 54.9% 62,568 63.4% Sales Revenue 14,626 48.7% 23,637 58.2% Gross Profit 15,131 71.6% 24,209 77.9% Gross Profit 6,981 68.2% 10,900 78.9% EBITDA (BNRI) 8,449 70.4% 12,659 75.6% EBITD
Slide 12: Beer Group EBITDA (BNRI) & FCF Generation
Beer Group EBITDA (BNRI) & FCF Generation EBITDA (BNRI) Bridge mTL Free Cash Flow Bridge mTL +72% -1% -1,014 -1,275 1,433 3,422 -328 2,899 19%* -1,031 140 578 1,990 41%* 29%* 5,114 5,083 2Q2022 Net COGS Selling, Other 2Q2023 Revenue Marketing and G&A expenses 2Q2022 EBITDA Changes CAPEX, net Taxes &
Slide 13: Cash & Debt Management
Cash & Debt Management Anadolu Efes Gross Debt Cash USD 1.4 bn USD 2.1 bn Average maturity 71% 53% 3.4 yrs held in Hard Currency Net Debt/EBITDA held in Hard Currency 34% 0.8x held in Eurozone Beer Group Gross Debt Cash USD 0.7 bn USD 0.85 bn Average maturity 63% 46% 3.3 yrs held in Hard Currency Ne
Slide 14: Risk Management
Risk Management Beer Group COGS Split for 2022: Beer Group Hedges for 2023: 9% 17% Commodity : 18% 16% Aluminum: 97% for TR & CIS* 5% 17% 18% *For 2024: 38% for TR & CIS FX Exposure : Barley-Malt & Auxiliary Overhead (Labour Cost) Glass Bottle Amortization & Other Overhead Can Import products Russia
Slide 15: FY2023 Expectations
FY2023 EXPECTATIONS
Slide 16: FY2023 Revised Expectations
FY2023 Revised Expectations Following strong first half results, we cautiously improve our beer group and Anadolu Efes guidance for FY2023 ANADOLU EFES BEER GROUP SOFT DRINKS GROUP VOLUME Mid-single digit growth Low-single digit growth Mid to high-single digit growth Previously: Low-to-mid-single di
Slide 17: Q&A Session
Q&A SESSION 17
Slide 18: FX Rates
FX Rates 1H2022 1H2023 Δ% AVG 14.85 19.86 33.7% USD/TL PE 16.66 25.82 55.0% AVG 16.22 21.47 32.4% EUR/TL PE 17.37 28.15 62.1% AVG 5.14 3.87 -24.6% TL/RUB PE 3.07 3.37 9.8% AVG 30.29 22,75 -24.9% TL/KZT PE 27.91 17,59 -37.0% AVG 1.95 1.84 -5.4% TL/UAH PE 1.76 1.42 -19.3% AVG 1.24 0.93 -25.5% TL/MDL P