18 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Nov 5, 2021
Slide 1: Anadolu Efes 9M2021 Conference Call Presentation
ANADOLU EFES 9M2021 CONFERENCE CALL PRESENTATION 05.11.2021
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: Sustained solid momentum in the most important quarter
Sustained solid momentum in the most important quarter… Solid volume Robust growth in per Rising COGS pressure performance with unit prices following commodity eased restrictions price increases & increased mobility Pricing ahead of year- Tight OPEX Successful Working end management to Capital Manag
Slide 5: Yielding growth in almost all metrics
…yielding growth in almost all metrics… 1H 2021 3Q 2021 9M 2021 +4% +30% +14% +346% +4% +33% +5% -2% +4% +31% +9% +121% 6,976 BEER GROUP 11,969 Mn TL 4,993 18 11 29 665 1,084 717 1,382 1,519 435 Volume Revenue EBITDA* FCF Volume Revenue EBITDA* FCF Volume Revenue EBITDA* FCF (mhl) (mhl) (mhl) +14% +
Slide 6: Robust volume performance in international beer
…with robust volume performance in international beer… BEER GROUP INTERNATIONAL BEER TURKEY BEER VOLUME SALES VOLUME SALES VOLUME SALES VOLUME BREAKDOWN* 13% Turkey 29.2 24.5 25.5 CIS mhl 28.0 mhl mhl 3.7 11% 3.5 10.6 11.1 8.9 9.5 1.6 1.6 76% Russia 3Q20 3Q21 9M20 9M21 3Q20 3Q21 9M20 9M21 3Q20 3Q21
Slide 7: Continued topline growth in soft drinks
…and continued topline growth in soft drinks… SOFT DRINKS VOLUME SALES VOLUME BREAKDOWN* Middle East 9% 1,109 957 CIS 467 19% m u/c 435 45% Turkey 390 406 170 195 551 642 221 241 27% 3Q2020 3Q2021 9M2020 9M2021 Pakistan Turkey International Turkey Operations International Operations • Turkey volume
Slide 8: Mitigating the pressure from commodity hikes
…mitigating the pressure from commodity hikes, up to a great extent NET REVENUE Solid volume performance & price increases in both business lines REVENUE 3Q 9M NET Favorable mix & premiumization in beer group +34.9% +39.4% RGM actions and better discount management in soft drinks EBITDA BNRI MARGIN
Slide 9: Financial Overview
FINANCIAL OVERVIEW Gökçe Yanaşmayan Chief Financial Officer 9
Slide 10: Robust topline growth in a challenging cost environment
Robust topline growth in a challenging cost environment… NET REVENUE EBITDA BNRI EBITDA BNRI% FREE CASH FLOW VOLUME +32.3% ANADOLU +12.8% 3Q 9M 3Q 9M 3Q 9M 3Q 9M EFES 715 mTL 5,141 v +139.4% PY v 3,885 2,356 2,088 vs. 35.8 mhl 92.2 mhl 11,787 mTL 28,334 mTL 20.0% 18.1% 2,295 mTL 4,248 mTL +9.2% vs.
Slide 11: Successful cash generation despite a high base
…with a successful cash generation despite a high base… Beer Group 625 -533 EBITDA (BNRI) Bridge -116 58 717 682 mTL Net Cost of Selling, Other 3Q2020 Revenue Sales Marketing 3Q2021 and G&A expenses 106 -126 Free Cash Flow 444 37 -26 435 Bridge mTL EBITDA Changes CAPEX, net Taxes & 3Q2021 3Q2020 in
Slide 12: Sticking to prudent financial policy
…by sticking to prudent financial policy… Cash Profile Debt Profile Debt Maturity Profile TL 4.7 bn (USD 530 mn) TL 8.2 bn (USD 899 mn) Net Debt / EBITDA Weighted Ave. Maturity: 4.1 yrs BEER GROUP 3% 17% 13% 3% 4% 500 1.7 (mn USD) 5% 4% 1.3 280 77% 76% 119 USD EUR RUB KZT Other USD RUB UAH TL 2021 2
Slide 13: Benefitting from effective risk management
…benefitting from effective risk management Turkey 2021*: 100% 2021*: 78% 2022*: 29% 2022*: 50% Commodity Hedges FX Hedges 2021*: 100% 2022*: 76% 2021*: 100% 2022*: 64% *As of October 2021 13
Slide 14: Outlook
OUTLOOK Can Çaka CEO & Beer Group President
Slide 15: 2021 Revised Outlook
2021 Revised Outlook VOLUME SALES REVENUE continuing impact of pandemic FX-Neutral basis Consolidated: Beer Group: Soft Drinks: Consolidated: Beer Group: Soft Drinks: Mid-to-high Low-single Low-to-mid teens High-teens to low Low-teens High twenties to single digits digit digit growth twenties growth
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 9M2020 9M2021 Δ% AVG 6.71 8.10 20.6% USD/TL PE 7.81 8.88 13.7% AVG 7.56 9.68 28.1% EUR/TL PE 9.13 10.29 12.8% AVG 10.54 9.14 -13.3% TL/RUB PE 10.21 8.20 -19.7% AVG 60.92 52.46 -13.9% TL/KZT PE 55.01 47.94 -12.8% AVG 3.95 3.40 -14.1% TL/UAH PE 3.62 2.99 -17.4% AVG 2.59 2.19 -15.5% TL/MDL PE