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Anadolu Efes BEER OPERATIONSBEER OPERATIONS
FY2009 Results Conference Call Presentation
Alejandro Jimenez Can Çaka
31.03.2010
Alejandro Jimenez Can Çaka EFES BEER GROUP PRESIDENT CFO
ForwardForward--Looking StatementsLooking 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 data. Actual
results are subject to future events and uncertainties, which could materially
impact the Company’s actual performance.
2
General Overview & Operating Performance General Overview & Operating Performance
by by Alejandro JimenezAlejandro Jimenez
Beer Sales Volume DevelopmentBeer Sales Volume Development--20092009
Total Beer Volume Development
22.6 22 122.6 22.1
0.0%
14.0 13.6mhl
8.5 8.5
2008 2009
Turkey Beer Operations
International Beer Operations
Total beer sales volume declined by 1.9% in 2009;
Total Beer Sales
International Beer Operations
4
Sales volume in Turkey beer operations remained flatSales volume in Efes Breweries International (EBI) declined by 3.1%
TURKEYTURKEYSales Volume Maintained Despite Challenges Sales Volume Maintained Despite Challenges
8 5 8 5
Volume Development Sales Revenue Development
T l8.5 8.5
mhl
TRL
m
Total0.0%
T 1,182.1 1,264.2
FY2008 FY2009
Despite challenging market conditions, Turkey sales volumeremained flat, contributed by; Market Share by Volume
FY2008 FY2009
Other11.4%
remained flat, contributed by;succcessful initiatives to increase availability and visibility of Efes
products in the marketeffective marketing activities,
d it
Market Share by Volume
The Nielsen
Anadolu Efes88.6%
despite;High base of 2008Effect of the Ramadan being earlierPrice increase to cover excise tax increase in April
Com
pany, YTD
DpSmoking banEconomic crisis
Last quarter sales volume down by 1.5%, in line with our expectation 5
Decem
ber 2009
EFES BREWERIES INTERNATIONALEFES BREWERIES INTERNATIONALSolidified position in Operating MarketsSolidified position in Operating MarketsSolidified position in Operating MarketsSolidified position in Operating Markets
Volume Development Sales Revenue Development
1,038.0 857.314.0 13.6l SD 85 3
mh
m U
FY2008 FY2009FY2008 FY2009
•Consolidated sales volume declined by 3.1% in 2009 compared to 2008
• Down by 2 2% on an organic basis(1)• Down by 2.2% on an organic basis(1)
•Consolidated sales volume in the last quarter of 2009 decreased slightly by 0.6% compared to the same period ofthe previous year
P d d ti d b t EBI bl t li it th l l d li t ib t d b•Pressures on consumer demand continued but EBI was able to limit the sales volume decline, contributed by;
•focused, innovative and memorable but cost effective marketing activities leading EBI to outperform the operating markets,
•low base of the last quarter of 2008
•Consolidated net sales revenue decreased by 17.4% in 2009, mainly due to devaluation and negative mix effectdespite local currency price increases(1) By excluding i) the Jan-Feb 2009 sales volume of JSC Lomisi in Georgia, which EBI acquired in February 2008 and started full consolidation starting from March 1st 2008, ii) the sales volume of Efes Serbia, which is excluded from EBI’s financials after the end of 1H2008 6
Continued to Outperform the RUSSIAN MARKETContinued to Outperform the RUSSIAN MARKET
Volume Development Revenue Development
808.9 635.511.1 10.7mhl
m U
SDm
FY2008 FY2009FY2008 FY2009
Market Share by VolumeB k i i d h d b 8% i 2009
BBH
Sabmiller6.8%
Other14.2%
The Nielsen C
oY
TD D
ecember
• Beer market is estimated to have contracted by 8% in 2009
• EBI’s sales volume down by 3.6% while its market share improved
further and reached 9.6%BBH39.5%
InBev15 8%
Heineken14.2%
EBI9.6%
ompany, Total N
atr 2009• Net sales revenue in USD terms declined by 21.4%, due to;
• Devaluation of average Ruble vs. USD in 2009, which was partly
recovered in the last quarter15.8%
7
tional Urban,
Numbers may not add up to 100 due to rounding.
q
•Negative mix effect
•Despite 7.3% average price increase y-o-y
Russian Beer Market Russian Beer Market –– Slight Shift in SegmentsSlight Shift in Segments
4,8% 5,9% 6,6% 6,4%3,4% 4,1% 4,3% 3,7%
r 200
9
23,3% 24,4% 26,0% 24,9%
YTD
Dec
embe
r
29 5%
39,0% 38,1% 38,7% 41,0%
lsen
Com
pany
,
FY2006 FY2007 FY2008 FY2009
29,5% 27,5% 24,4% 24,0%
The
Nie
l
Discount Lower Mainstream Upper Mainstream Premium Super Premium
* In order to reflect the market structure in a better way, the presentation of the Russian Beer Market segment breakdown has been changed as of 2009. For comparison purposes, the adjusted segment data is also provided for the last four years.
• Shift between brands was not very high, but within each brand shift towards
8
cheaper packaging was visible in 2009
Evaluation of the Recent Excise Tax increase and Evaluation of the Recent Excise Tax increase and Regulatory Risks Prevalent in RussiaRegulatory Risks Prevalent in Russia
•As part of the Russian Government’s measures against abuse of alcohol usage, per capita alcohol consumption is aimed to be lowered
I thi t t j ti t k t d tIn this context, major actions taken up to date are;
•Excise tax on beer increased from RUB 3/lt to RUB 9/lt as of January 1, 2010•Market impact will depend on various factors such as•Market impact will depend on various factors such as
•How much of the excise increase will be reflected on prices during the year -PARTIALLY REFLECTED BY INDUSTRY PLAYERS UNTIL NOW•Macroeconomic environment•Macroeconomic environment
•Brewering industry will suffer from lower sales volumes and profitabilities•We expect to pass most of the effect of excise tax hike
•Minimum price for vodka set at RUB 89 per half a lt as of January 1, 2010•Many proposals in Duma, some of which may effect beer producers
•Manageable but painful restrictions on sales hours of beer, outdoor consumption,
9
Manageable but painful restrictions on sales hours of beer, outdoor consumption, ban of beer sales in kiosks, packaging restrictions, etc.- NO OFFICIAL ANNOUNCEMENT YET
Enriched Enriched Brand PBrand Portfoliosortfolios withwithDDifferentifferent TTastesastes and and PPackagesackagesgg
KAZAKHSTAN“Kruzhka Svezhego Mild” and “Kruzhka
Svezhego Velvet ” launched in April and
In 2009, “Efes Pilsener” renewed its visual identity and communication strategy in Svezhego Velvet, launched in April and
December 2009, respectively
“Tyan-Shan” relaunched with its new positioningand packaging in June 2009
communication strategy in accordance with the global brand repositioning...
and packaging in June 2009
GEORGIA“Nataktari Kasris” and “Nataktari Karva”
launched in April and May respectively
RUSSIA“Stary Melnik Iz bochonka Osoboe”, launched in
March launched in April and May, respectively
MOLDOVA“Chisinau Draft Mild” launched in March
“Bely Medved V Rozliv” and “Sokol Mohito” launched in July
“G ld Mi B F h L ” l h d i Chisinau Draft Mild launched in MarchRedesigned “Chisinau Blonda” relaunched in
July
“Gold Mine Beer Fresh Lemon” launched in August
10
Acquisition of EBI shares by Acquisition of EBI shares by AnadoluAnadolu EfesEfes
• On March 30th 2010 Anadolu Efes acquired 10 987 470 EBI GDRs (approx 25 98%On March 30th, 2010, Anadolu Efes acquired 10,987,470 EBI GDRs (approx. 25.98% of EBI) from a group of GDR holders at a price of $17.00 per GDR. The consideration of approx. $187 million has been provided from Anadolu Efes’ existing cash resources plus an additional bilateral loan in the amount of $100 million with 2-year maturityplus an additional bilateral loan in the amount of $100 million with 2 year maturity.
•Following the transaction, Anadolu Efes now controls approx. 99.45% of EBI.
A d l Ef i t d t k ll h ff bl ti l t•Anadolu Efes intends to make an all cash offer as soon as reasonably practical to acquire the outstanding 232,341 EBI GDRs (approx. 0.55% of EBI) at a price of $17.00 per GDR.
•Further, Anadolu Efes intends to instigate procedures to begin the compulsorily purchase of any outstanding EBI shares pursuant to the squeeze out procedures in the NetherlandsNetherlands.
•Consistent with the reasons set out at the time of previous offer made by Anadolu Efes for EBI in July 2009, securing full control of EBI provides Anadolu Efes greater
11
operational flexibility for organic and inorganic growth and improves its overall credit profile and ability to finance EBI’s future development.
Financial Overview Financial Overview
by by Can ÇakaCan Çaka
TURKEYTURKEY
Operational SnapshotOperational Snapshot--FY2009 PerformanceFY2009 Performancep pp p
FY2008 FY2009 Growth (%)
Total Sales Volume (mhl) 8,5 8,5 0,0%
Net Sales (million TRL) 1.182,1 1.264,2 6,9%
Gross Profit (million TRL) 794,0 840,2 5,8%
Gross Profit margin (%) 67,2% 66,5% (70 bps)
EBITDA ( illi TRL) 494 2 503 0 1 8%
Net Sales increased by 6.9% despite flat sales volume, contributed by;
EBITDA (million TRL) 494,2 503,0 1,8%
EBITDA margin (%) 41,8% 39,8% (202 bps)
• price increases adding up to 7.8%
•Higher exchange rates positively affecting export sales’ net revenues
Gross Profit and EBITDA Margins declined due to;g ;
• higher prices for certain raw materials due to low base of 2008
•devaluation of TRL
despite;despite;
•production efficiencies and strict cost management efforts partially offset negative impact of above factors
• a one-off gain in 2008 impacting EBITDA base13
TURKEY BEER OPERATIONSTURKEY BEER OPERATIONS
Strong Free Cash Flow GenerationStrong Free Cash Flow Generation
FY2008 FY2009
Strong Free Cash Flow GenerationStrong Free Cash Flow Generation
(million TRL) FY2008 FY2009
Operating Profit 421,8 426,9 Depreciation & Amortization 66,0 69,0
( )
Other non-cash items 6,4 7,1 EBITDA 494,2 503,0
Change in Inventory (32,8) 17,7 Change in Trade Receivables (31 4) (28 6)Change in Trade Receivables (31,4) (28,6)
Change in Trade Payables 10,2 (6,1) Change in Other Assets/ Liabilities 32,0 31,5
Change in Working Capital (22,1) 14,5 Income Taxes & Employee Benefits Paid (85,5) (96,4) CAPEX, net (82,1) (99,3) Acquisitions, Disposals and Minority Buy-Out - (41,9) Net Financial Expense (Including interest) 35 2 18 1Net Financial Expense (Including interest) 35,2 18,1 FCF 339,8 298,0
FCF excluding acquisitions/disposals 339,8 339,9 g q p , ,
14
EFES BREWERIES INTERNATIONALEFES BREWERIES INTERNATIONAL
Operational SnapshotOperational Snapshot--FY2009 PerformanceFY2009 PerformanceOperational SnapshotOperational Snapshot FY2009 PerformanceFY2009 Performance
FY2008 FY2009 Growth (%)
Total Sales Volume (mhl) 14,0 13,6 (3,1%)
Net Sales (million USD) 1.038,0 857,3 (17,4%)
Gross Profit (million USD) 424 3 402 1 (5 2%)Gross Profit (million USD) 424,3 402,1 (5,2%)
Gross Profit margin (%) 40,9% 46,9% 604 bps
EBITDA (million USD) 153,5 170,1 10,9%
Net Sales declined due to lower volumes, depreciation of local currencies and shift in demand tol i d d d k d i l l i i
EBITDA margin (%) 14,8% 19,8% 506 bps
lower priced products and packages despite local currency price increases
Gross margin improved by 604 bps, contributed by favorable input prices, successful costi d d l ti f l l i d it hi h fi d t d t l l dsavings and devaluation of local currencies despite higher fixed costs due to lower volumes and
F/X denominated input costs
EBITDA Margin improved by 506 bps due to higher gross margin as well as strict expenseEBITDA Margin improved by 506 bps, due to higher gross margin as well as strict expensemanagement, route-to-market efficiencies, focus on well identified strategic brands, lowertransportation tariffs and to some extent by media deflation
15
EFES BREWERIES INTERNATIONALEFES BREWERIES INTERNATIONAL
Turnaround in Free Cash Flow GenerationTurnaround in Free Cash Flow GenerationTurnaround in Free Cash Flow GenerationTurnaround in Free Cash Flow Generation
• Due to the tighther working capital management, lower input costs and capex management, as well as reduced interest expenses and decrease in cash taxes EBI generated a siginifcantwell as reduced interest expenses and decrease in cash taxes, EBI generated a siginifcant amount of FCF in 2009
(million USD)FY2008 FY2009
Operating Profit 73,6 82,5 Depreciation & Amortization 95 5 84 2
(million USD)
Depreciation & Amortization 95,5 84,2 Other non-cash items (15,6) 3,4
EBITDA 153,5 170,1 Change in Inventory (3,6) 38,4
Change in Trade Receivables (6 4) 31 9Change in Trade Receivables (6,4) 31,9 Change in Trade Payables (3,3) 39,9
Change in Other Assets/ Liabilities 22,3 14,4 Change in Working Capital 9,0 124,6 Income Taxes Paid (11,0) (7,2) CAPEX (162,1) (98,3) Acquisitions, Disposals and Minority Buy-Out (33,8) (33,8) Net Financial Expense (Including interest) (83,6) (45,1) p ( g ) ( ) ( )FCF (128,2) 110,4
FCF excluding acquisitions/disposals (94,3) 144,2 16
Net Net Financial Financial DebtDebt & Financing& FinancingT k B O tiTurkey Beer Operations
• Cash & cash equivalents at 440.6 million TRL - Net cash position of 293.0 million TRL
Efes Breweries International
• Consolidated gross debt at US$ 701.6 millionC h & h i l US$ 219 1 illi N d b i i US$ 482 5 illi• Cash & cash equivalents at US$ 219.1 million - Net debt position at US$ 482.5 million
EBI-Net Financial Debt* EBI-Maturity Breakdown
20133.8%
2014 and after2.3%
EBI Net Financial Debt EBI-Maturity Breakdown
3.9x EBITDA 2 8x EBITDA
201032.5%
2.3%
596 5
2.8x EBITDA
D
201115.4%
201246.0%
596.5 482.5
m U
SD
FY2008 FY2009
17*excluding put options
2010 Outlook 2010 Outlook 2010 Outlook 2010 Outlook
by by Alejandro JimenezAlejandro Jimenezby by Alejandro JimenezAlejandro Jimenez
FY2010 OUTLOOKFY2010 OUTLOOK
TURKEY BEER OPERATIONSTURKEY BEER OPERATIONS• Low single digit decline in sales volume in Turkey,
• Volumes to be effected more in the 1Q2010 due to high base of 1Q2009, in additionto;
• Average price increase of 14% to pass the effect of 35% hike in excise taxes onJanuary 1, 2010•Full effect of smoking‐ban
•Milder decline in total Turkey Beer sales volume by the contribution of higher exportlsales
•Slight improvement in gross profit margin on the back of lower commodity prices, partlyt d b hi h d imuted by higher wages and energy prices
•Contraction in EBITDA margin due to;
•lower volumes•lack of price increase to cover CPI negatively impacting the G&A and Sales &Distribution expense margins
19
Distribution expense margins
FY2010 OUTLOOKFY2010 OUTLOOK
INTERNATIONAL BEER OPERATIONSINTERNATIONAL BEER OPERATIONS•5%‐10% volume contraction for the Russian beer market overall in FY2010, mainly due to;
• Higher beer prices in 2010 to reflect the significant excise tax increase
INTERNATIONAL BEER OPERATIONSINTERNATIONAL BEER OPERATIONS
• Higher beer prices in 2010 to reflect the significant excise tax increase• Unfavorable economic conditions
•We expect to limit our volume decline to low single digits & outperform the Russian beer market onceagain by expanding our reach and increasing visibility of our products through;
• Focus on innovation of strategic brands• Increased penetration
•Slight increase in consolidated net sales revenue through revenue management and stronger currenciesversus USDversus USD
• Earnings expected to be skewed towards the second half of the year•Gross margin will be lower by approximately 100 bps, despite lower commodity prices, due to;
• negative effect of tax hike in Russia• higher fixed costs per liter due to lower volumes
• Contraction in the EBITDA margin will outpace the decline in gross margin, as a result of inflation andlocal currency appreciation
IN BOTH LINES OF OPERATIONS;• Working capital improvement remains to be on the top of priorities along with capex optimization•We expect to once again generate positive free cash flows in this challenging year
20
p g g p g g y
WE ARE WELL PREPARED FOR THE CHALLENGES AHEAD AND WE BELIEVE THESE CHALLENGES WILLFURTHER SHARPEN OUR OPERATIONAL ABILITIES.
? QUESTIONS PLEASE ?? QUESTIONS PLEASE ?? QUESTIONS PLEASE ?? QUESTIONS PLEASE ?
APPENDIXAPPENDIX
009/
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and
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er P
ayab
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ings
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ies
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ings
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rent
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ieN
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urre
nt L
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li
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ity
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bilit
ies
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e
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:EB
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and
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ioal
s, p
rovi
sions
, res
erv
: Fig
ures
for E
BI a
re
: Fig
ures
for E
BI a
re
24
Vol
ume
NE
T S
GR
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ia(L
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me
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inor
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ert
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e a
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er N
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al E
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e 1
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e 2