18 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Nov 3, 2022
Slide 1: Anadolu Efes 9M2022 Conference Call Presentation
ANADOLU EFES 9M2022 CONFERENCE CALL PRESENTATION 03.11.2022
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 3
Slide 4: Strong performance for the third consecutive quarter
Strong performance for the third consecutive quarter… Consolidated volume growth despite cycling a Effective use of FX and commodity hedging high base protecting against cost inflation and price volatility Robust NR/ hl performance with effective All-time high FCF generation led to Net RGM initiativ
Slide 5: Resilient volumes in Beer Group
…with resilient volumes in Beer Group… CIS Russia • Volume growth of low-single digits on average • Kazakhstan grew slightly; contributed by premium & • Market was down by mid-single digits in 3Q affordable segment growth • Impact of YTD Price increase slightly offset by • Low-teens decline in Moldo
Slide 6: Consolidated volumes beyond expectations
…leading to consolidated volumes beyond expectations… Consolidated Beer Soft Drink Volume Operations Operations 3Q 9M 3Q 9M 3Q 9M -13% -8% +8% +16% -3% organic +7% organic +1% +9% -1% excl. +3% excl. Ukraine Ukraine reported reported International International 3Q 9M 3Q 9M -19% -12% +20% +26% -6% +2
Slide 7: Solid international volumes in CCI
…also benefitting from solid international volumes in CCI… • Reported volume growth of 7.5% in 3Q (2.9% decline • Türkiye volume declined by %7.8 in 3Q impacted by organically*) • Lower consumer confidence in a high inflation • Uzbekistan’s consolidation impact offsets the volume environment & deter
Slide 8: Outstanding topline growth
…yielding an outstanding topline growth… Beer Soft Drink Consolidated Operations Operations Revenue 3Q 9M 3Q 9M 3Q 9M +147% +128% +156% +149% CCR*:+37% CCR*:+35% CCR*:+82% CCR*:+78% +153% +140% International International reported reported 3Q 9M 3Q 9M CCR*:+62% CCR*:+60% +148% +128% +182% +170% CCR*
Slide 9: Exceptional profitability expansion
…and exceptional profitability expansion Anadolu Efes Beer Group 3Q REVENUE 3Q • Timely price adjustments NET +152.5% +147.4% • Proactive RGM initiatives CCR*:+61.7% CCR*:+36.6% • Favorable currency translation • Strong margin expansion in beer group with, • Successful revenue management EBITDA BNRI
Slide 10: Financial Overview
FINANCIAL OVERVIEW Gökçe Yanaşmayan Chief Financial10Officer
Slide 11: Financials
Financials Anadolu Efes Beer Group mTL mTL 3Q2022 Change 9M2022 Change 3Q2022 Change 9M2022 Change Sales Revenue 29,767 +152.5% 68,072 +140.3% Sales Revenue 12,355 +147.4% 27,301 +128.1% Gross Profit 11,481 +162.8% 25,092 +145.1% Gross Profit 5,596 +188.5% 11,696 +162.5% EBITDA (BNRI) 6,716 +185.0%
Slide 12: EBITDA (BNRI) & Free Cash Flow Generation
EBITDA (BNRI) & Free Cash Flow Generation Beer Group EBITDA (BNRI) Bridge Free Cash Flow Bridge mTL mTL Strong momentum +309% +324 sustained in profitability +37%* 2,931 +21%* margins with RGM +22%* 610 1,315 1,654 1,826 317 2,214 initiatives, effective 29 759 717 265 435 COGS & OPEX management 3Q20
Slide 13: Balance Sheet & Risk Management
Balance Sheet & Risk Management Beer Group Hedges*: Anadolu Efes Cash Profile Debt Profile Commodity: 21% 42% TL 27.2 bn TL 38.4 bn Aluminum: 88% (2023: 50% for TR and CIS) FX & commodity ($1.5 bn)58%* ($2.1 bn) 79% PET/Resin: 100%** hedging hard currency hard currency Barley: 93% instruments Averag
Slide 14: Revised 2022 Outlook
Revised 2022 OUTLOOK Can Çaka 14 CEO & Beer Group President
Slide 15: Resilient Performance Despite Headwinds
Improvements in beer group outlook Resilient Performance reflected in our consolidated guidance… Despite Headwinds With the strong results achieved in 3Q we make further improvements in our beer group outlook being also reflected into Anadolu Efes’ guidance. ANADOLU EFES BEER GROUP SOFT DRINKS GROUP
Slide 16: Closing Remarks
CLOSING REMARKS Can Çaka 16 CEO & Beer Group President
Slide 17: Q&A Session
Q&A SESSION Can Çaka CEO & Beer Group President Gökçe Yanaşmayan 17 Chief Financial Officer
Slide 18: FX Rates
FX Rates 9M2021 9M2022 Δ% AVG 8.10 15.88 96.2% USD/TL PE 8.88 18.52 108.6% AVG 9.68 16.84 73.9% EUR/TL PE 10.29 18.14 76.2% AVG 9.14 4.45 -51.4% TL/RUB PE 8.20 3.10 -62.2% AVG 52.46 28.87 -45.0% TL/KZT PE 47.94 25.75 -46.3% AVG 3.40 1.95 -42.6% TL/UAH PE 2.99 1.97 -34.0% AVG 2.19 1.18 -46.0% TL/MDL