Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — H1 2013 Earnings Presentation
22 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Aug 23, 2013
Slide 1: Beer Operations 1H2013 Results Conference Call Presentation
BEER OPERATIONS 1H2013 Results Conference Call Presentation Alejandro Jimenez Onur Çevikel EFES BEER GROUP PRESIDENT CFO 23.08.2013
Slide 2: Forward-looking statements disclaimer
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 data. Actual results are su
Slide 3: General Overview & Operating Performance
General Overview & Operating Performance by Alejandro Jimenez
Slide 4: Beer Sales Volume Development - Reported
Beer Sales Volume Development Total Beer Volume Development - Reported 10.3 9.2 mhl 14.8 13.1 4.5 3.9 1H2012 1H2013 Turkey Beer Operations 10.3 9.2 mhl International Beer Operations Total Beer Sales 4.5 3.9 1H2012 1H2013 Reported Reported Turkey Beer Operations International Total reported beer sale
Slide 5: Beer Sales Volume Development - Proforma
Beer Sales Volume Development Total Beer Volume Development - Proforma 11.2 mhl 9.2 15.7 4.5 3.9 13.1 1H2012 1H2013 Turkey Beer Operations 11.2 International Beer Operations mhl 9.2 Total Beer Sales 4.5 3.9 1H2012 1H2013 Proforma Proforma Turkey Beer Operations Total beer sales volume declined by 14
Slide 6: Turkey Beer Operations
TURKEY BEER OPERATIONS Volume Development Sales Revenue Development 4.5 3.9 TRL m mhl 846.1 833.1 1H2012 1H2013 1H2012 1H2013 New product launches along with improved availability of Market Share by Volume-1H2013 our products via investments in both on & off-premise channels and successful trade exe
Slide 7: Excise Tax Increases in Turkey in 2013
Excise Tax Increases in Turkey in 2013 *Excise tax for beer per one degree of alcohol (TL) 0.63 0.64 0.62 0.53 0.44 0.26 0.24 0.24 0.24 0.24 0.15 0.16 0.072 Before 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013 07/2013 Oct. 03 Although the excise taxes increased significantly over the y
Slide 8: What is New in Regulatory Environment in Turkey?
What is New in Regulatory Environment in Turkey? Will be effective in... Ban on all kinds of advertisement, promotional activities and Already implemented events of alcoholic products Ban on sale of alcoholic beverages within 100 m distance to places of worship and educational institutions – exempti
Slide 9: What are the implications of these regulatory changes?
What are the implications of these regulatory changes? 2013 will be a tough year for our Turkey beer operations mainly due to changes in the regulatory environment. We have reflected these changes into our 2013 revised guidance... We will be making sure that both we and the consumers will adapt
Slide 10: International Beer Operations
INTERNATIONAL BEER OPERATIONS Volume Development-Reported Sales Revenue Development-Reported mhl m USD 773.4 680.7 10.3 9.2 1H2012 1H2013 1H2012 1H2013 • Consolidated sales volume of EBI reported at 9.2 mhl in 1H2013, down 10.4% y-o-y • On an operating proforma basis, consolidated sales volumes fell
Slide 11: Market Share Development in Russia
Market Share Development in Russia Market Share by Volume – Russia inhab) Retail YTD June 2013 Nielsen, National Urban Russia (over 10 th. Others 19.6% Carlsberg 37.6% EFES Rus 13.8% Heineken Inbev 14.2% 14.8% *Shares of Carlsberg and INBEV include Ukrainian brands • According to Nielsen, beer marke
Slide 12: Softer Industrial Volumes in Russia in 2013
Softer Industrial Volumes in Russia in 2013 The declining trend in Russian Beer market led by; I. Regulatory issues Kiosk ban Restrictions on beer selling hours Higher excise taxes Ban on consumption in public places II. Pricing environment as price competition has intensified particularly i
Slide 13: Financial Overview
Financial Overview by Onur Çevikel
Slide 14: Turkey Operational Snapshot - 1H2013 Performance
TURKEY Operational Snapshot-1H2013 Performance 1H2012 1H2013 Growth (% ) Total Sales Volume (mhl) 4.5 3.9 -14.0% Net Sales (million TRL) 846.1 833.1 -1.5% Gross Profit (million TRL) 590.3 590.2 0.0% Gross Profit margin (% ) 69.8% 70.8% 107 bps EBITDA (million TRL) 318.7 254.9 -20.0% EBITDA margin (%
Slide 15: Turkey Beer Operations Free Cash Flow
TURKEY BEER OPERATIONS Free Cash Flow (m TRL) 1H2012 1H2013 Operating Profit 264.2 204.8 Depreciation & Amortization 43.7 49.7 Other non-cash items 10.7 0.5 EBITDA 318.7 254.9 Change in Inventory 9.9 37.6 Change in Trade Receivables -294.3 -259.3 Change in Trade Payables 69.0 79.4 Change in Other As
Slide 16: Efes Breweries International Operational Snapshot
EFES BREWERIES INTERNATIONAL Operational Snapshot-1H2013 Performance 1H2012 (Reported) 1H2013 (Reported) Growth (% ) 1H2012 (Proforma) 1H2013 (Proforma) Organic Growth (% ) Total Sales Volume (mhl) 10.3 9.2 -10.4% 11.2 9.2 -17.6% Net Sales (million USD) 773.4 680.7 -12.0% 852.5 680.7 -20.2% Gross Pr
Slide 17: Efes Breweries International Free Cash Flow
EFES BREWERIES INTERNATIONAL Free Cash Flow (m USD) Reported 1H2012 1H2013 Operating Profit 49.8 -5.7 Depreciation & Amortization 69.8 79.0 Other non-cash items 1.5 4.0 EBITDA 121.1 77.3 Change in Inventory -4.1 -8.8 Change in Trade Receivables -50.5 -58.0 Change in Trade Payables 148.6 121.6 Change
Slide 18: Net Financial Debt & Financing
Net Financial Debt & Financing Turkey Beer Operations • Consolidated gross debt at 1,418.4 m TRL • Cash & cash equivalents at 251.8 m TRL - Net debt position of 1,166.6 m TRL Efes Breweries International • Consolidated gross debt at US$ 213.5 m • Cash & cash equivalents at US$ 156.7 m - Net debt pos
Slide 19: Closing Remarks
CLOSING REMARKS by Alejandro Jimenez
Slide 20: Turkey Beer Operations' FY2013 Outlook
TURKEY BEER OPERATIONS’ FY2013 OUTLOOK We expect Turkish beer market to decline at a rate of mid-single digit, reflecting the expected impact of the changes in the regulatory environment as well as the latest developments in Turkey starting from late-May and higher prices. o Our beer sales in Turk
Slide 21: International Beer Operations' FY2013 Outlook
INTERNATIONAL BEER OPERATIONS’ FY2013 OUTLOOK Russian beer market is expected to decline at a rate of mid-single digits in 2013, mainly due to the negative impact of the regulatory changes, pricing environment and deceleration in economic growth. Flattish volumes forecasted for other CIS countri
Slide 22: Questions Please
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