Anadolu Efes Biracilik Ve Malt Sanayii A.s. · BIST:AEFES
Anadolu Efes Biracilik Ve Malt Sanayii A.s — 9M2013 Earnings Presentation
19 slides from Anadolu Efes Biracilik Ve Malt Sanayii A.s's earnings presentation, Nov 12, 2013
Slide 1: Beer Operations 9M2013 Results Conference Call Presentation
BEER OPERATIONS 9M2013 Results Conference Call Presentation Alejandro Jimenez Onur Çevikel EFES BEER GROUP PRESIDENT CFO 12.11.2013
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
Beer Sales Volume Development Total Beer Volume Development - Reported 22.6 20.3 15.9 mhl 14.5 6.6 5.8 9M2012 9M2013 reported reported Total reported beer sales volume declined by 7.2% in 3Q2013 vs. 3Q2012, leading to an 10.0% fall in 9M2013 vs. 9M2012; Turkey beer down by 12.2% y-o-y to 5.8mhl in 9
Slide 5: Beer Sales Volume Development - Proforma
Beer Sales Volume Development Total Beer Volume Development - Proforma 23.5 20.3 16.8 mhl 14.5 6.6 5.8 9M2012 9M2013 proforma proforma Turkey beer down by 12.2% y-o-y to 5.8mhl in 9M2013 International beer down organically by 14.0% y-o-y to 14.5mhl in 9M2013 5
Slide 6: Turkey Beer Operations
TURKEY BEER OPERATIONS Volume Development Volume decline was milder in 3Q2013 due to continuously increasing contribution of new launches and mhl successful trade executions, as well as 6.6 5.8 the low base of 3Q2012. However, • negative impact of night ban 9M2012 9M2013 • higher prices Market Share
Slide 7: Innovations in 2013
Innovations in 2013 Improved brand equity of «Efes Pilsen» through a successful relaunch in October... «Extra Cold Campaign» made a positive contribution on «Efes Pilsen» by increasing brand equity and leveraging market share with the positive impact of trade execution... Execution of targetted acti
Slide 8: International Beer Operations
INTERNATIONAL BEER OPERATIONS Volume Development-Reported • Lower volumes mainly driven by softer volumes in Russia, while the y-o-y decline in sales volumes was milder in 3Q2013. This was contributed by the low base of 3Q2012 and resumed shipments to key accounts in Russia. However; mhl Higher pr
Slide 9: Market Share Development in Russia
Market Share Development in Russia Market Share by Volume* – Russia Other 19.9% Carlsberg • According to Nielsen, EFES RUS’ EFES RUS 37.4% 13.5% market share* declined to 13.5% in Heineken InBev 14.2% 15.1% 9M2013 compared to 16.1% in 9M2012 **Shares of Carlsberg and INBEV include Ukrainian brands *
Slide 10: Financial Overview
Financial Overview by Onur Çevikel
Slide 11: Turkey Operational Snapshot-9M2013 Performance
TURKEY Operational Snapshot-9M2013 Performance 9M2012 9M2013 Growth (% ) Total Sales Volume (mhl) 6.6 5.8 -12.2% Net Sales (million TRL) 1,227.7 1,231.5 0.3% Gross Profit (million TRL) 855.9 871.8 1.9% Gross Profit margin (% ) 69.7% 70.8% 107 bps EBITDA (million TRL) 432.1 396.0 -8.4% EBITDA margin
Slide 12: Turkey Beer Operations Free Cash Flow
TURKEY BEER OPERATIONS Free Cash Flow (m TRL) 9M2012 9M2013 Operating Profit 353.0 390.8 Depreciation & Amortization 66.7 75.8 Other non-cash items 12.4 -70.5 EBITDA 432.1 396.0 Change in Inventory -8.7 10.6 Change in Trade Receivables -253.5 -259.2 Change in Trade Payables 14.4 12.3 Change in Other
Slide 13: Efes Breweries International Operational Snapshot-9M2013
EFES BREWERIES INTERNATIONAL Operational Snapshot-9M2013 Performance 9M2012 (Reported) 9M2013 (Reported) Growth (% ) Total Sales Volume (mhl) 15.9 14.5 -9.2% Net Sales (million USD) 1,200.6 1,037.1 -13.6% Gross Profit (million USD) 559.3 420.8 -24.8% Gross Profit margin (% ) 46.6% 40.6% -601 bps EBI
Slide 14: Efes Breweries International Free Cash Flow
EFES BREWERIES INTERNATIONAL Free Cash Flow (m USD) Reported 9M2012 9M2013 Operating Profit 103.6 2.0 Depreciation & Amortization 108.3 120.6 Other non-cash items -1.9 3.4 EBITDA 210.0 126.0 Change in Inventory 9.6 12.9 Change in Trade Receivables 12.7 16.8 Change in Trade Payables 73.0 23.8 Change
Slide 15: Net Financial Debt & Financing
Net Financial Debt & Financing Turkey Beer Operations • Consolidated gross debt at 1,439.5 m TRL • Cash & cash equivalents at 175.9 m TRL - Net debt position of 1,263.6 m TRL Efes Breweries International • Consolidated gross debt at US$ 177.0 m • Cash & cash equivalents at US$ 110.8 m - Net debt pos
Slide 16: Closing Remarks
CLOSING REMARKS by Alejandro Jimenez
Slide 17: Turkey Beer Operations' FY2013 Outlook
TURKEY BEER OPERATIONS’ FY2013 OUTLOOK We expect Turkish beer market to decline at a rate of high-single digit, reflecting the expected impact of the changes in the regulatory environment as well as the developments in Turkey starting from late-May and higher prices. o Our beer sales in Turkey is
Slide 18: International Beer Operations' FY2013 Outlook
INTERNATIONAL BEER OPERATIONS’ FY2013 OUTLOOK Russian beer market is expected to decline at a rate of low-double digits in 2013, mainly due to the negative impact of the regulatory changes, pricing environment and deceleration in economic growth. Low-to-mid single digit decline in volumes foreca
Slide 19: Questions Please
? QUESTIONS PLEASE ?
Anadolu Efes Biracilik Ve Malt Sanayii A.S. — 9M2013 Earnings Presentation on 6ix