Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — Anadolu Efes — H1 2021 Earnings Presentation
18 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Aug 13, 2021
Slide 1: Anadolu Efes 1H2021 Conference Call Presentation
ANADOLU EFES 1H2021 CONFERENCE CALL PRESENTATION 13.08.2021
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: Volume momentum in 2Q yielded better than expected results
Volume momentum in 2Q yielded better than expected results… Volumes exceeded Robust revenue Increased OPEX in line pre-pandemic performance assisted with plans levels in 1H by revenue management initiatives & discount management Strong Free Cash USD 500 million with Sustainability Flow generation 7-
Slide 5: Supported by both businesses
…supported by both businesses… TOTAL VOLUME REVENUE EBITDA FREE CASH FLOW mhl TL mn TL mn, bps TL mn ~-76 bps +46.9% margin contraction +14.2% 10,387 +41.5% +9.5% 33.2 29.1 2,069 2,204 7,070 2,013 1,462 2Q2020 2Q2021 2Q2020 2Q2021 2Q2020 2Q2021 2Q2020 2Q2021 VOLUME REVENUE EBITDA BREAKDOWN BREAKDOWN
Slide 6: Double digit growth rates in Turkey and CIS
…with double digit growth rates in Turkey and CIS… BEER GROUP INTERNATIONAL BEER TURKEY BEER VOLUME SALES VOLUME SALES VOLUME SALES VOLUME BREAKDOWN* Turkey 12% 17.4 18.2 15.5 16.0 CIS mhl mhl mhl 11% 1.9 2.1 10.5 10.9 9.3 9.5 1.4 1.1 77% Russia 2Q20 2Q21 1H20 1H21 2Q20 2Q21 1H20 1H21 2Q20 2Q21 1H20
Slide 7: Continued robust performance in soft drinks
…and continued robust performance in soft drinks… SOFT DRINKS VOLUME SALES VOLUME BREAKDOWN* Middle East 9% 674 567 CIS Turkey 273 19% 39% m u/c 393 328 237 153 130 330 401 198 240 33% 2Q2020 2Q2021 1H2020 1H2021 Turkey International Pakistan Turkey Operations International Operations • Turkey volum
Slide 8: Yielding y-o-y better net income and FCF
…yielding y-o-y better net income and FCF NET REVENUE REVENUE Solid volume performance 2Q 1H Price increases & premiumization & tight discount management +46.9% +42.8% SKU prioritization especially in soft drink operations EBITDA BNRI 2Q 1H EBITDA MARGIN Calendarization of some expenses to 2
Slide 9: Financial Overview
FINANCIAL OVERVIEW Gökçe Yanaşmayan Chief Financial Officer 9
Slide 10: Solid financial results with strong FCF from both operations
Solid financial results with strong FCF from both operations… VOLUME NET REVENUE EBITDA BNRI EBITDA BNRI% FREE CASH FLOW +55.0% ANADOLU +41.5% 2Q 1H 2Q 1H 2Q 1H 2Q 1H EFES 715 mTL 2,785 v +139.4% 2,069 v 1,796 1,462 vs. PY 33.2 mhl 56.4 mhl 10,387 mTL 16,547 mTL 19.9% 16.8% 2,204 mTL 1,953 mTL +14.2
Slide 11: Improvement in operational profitability and working capital
…with improvement in operational profitability and working capital… Beer Group 570 -397 EBITDA -218 Bridge 678 79 713 mTL Net Cost of Selling, Other 2Q2020 Revenue Sales Marketing 2Q2021 and G&A expenses 184 -64 -7 Free Cash Flow 33 1,674 1,527 Bridge mTL EBITDA Changes CAPEX, net Taxes & 2Q2021 2Q2
Slide 12: Sticking to disciplined financial policy
… by sticking to disciplined financial policy Record-low Core Working Capital • Expected to be normalized in 2H Investment grade rating maintained • After latest review of Fitch Extended Debt Maturity • 500 m$ Eurobond issuance with 7Y tenor • 320 m$ tender offer ~75%* of cash held in hard currency
Slide 13: Outlook & Sustainability
OUTLOOK & SUSTAINABILITY Can Çaka CEO & Beer Group President
Slide 14: Topline guidance upgraded with better than expected 1H
Topline guidance upgraded with better than expected 1H… VOLUME SALES REVENUE continuing impact of pandemic FX-Neutral basis Consolidated: Beer Group: Soft Drinks: Consolidated: Beer Group: Soft Drinks: Mid-single digit Low-single High single digit High-Teens Low-teens Low-to-mid twenties (Previously
Slide 15: Our Commitments – Road to 2030
Our Commitments – Road to 2030 Targeting Zero Increasing Getting Stronger For the environment Our support for social Through diversity & impact inclusion We love the Earth. We’re aiming zero We will increase our social impact through mid We believe in diversity & equality through environmental impac
Slide 16: Closing Remarks
CLOSING REMARKS Can Çaka CEO & Beer Group President 16
Slide 17: Q&A Session
Q&A SESSION Can Çaka CEO & Beer Group President Gökçe Yanaşmayan Chief Financial Officer
Slide 18: FX Rates
FX Rates 1H2020 1H2021 Δ% AVG 6.47 7.88 21.7% USD/TL PE 6.84 8.68 26.9% AVG 7.13 9.49 33.1% EUR/TL PE 7.71 10.32 33.9% AVG 10.72 9.43 -12.0% TL/RUB PE 10.22 8.34 -18.4% AVG 62.50 53.86 -13.8% TL/KZT PE 59.02 49.28 -16.5% AVG 4.01 3.53 -12.1% TL/UAH PE 3.90 3.13 -19.7% AVG 2.73 2.24 -17.9% TL/MDL PE