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Anadolu Efes - 2Q09 results better than consensus

Anadolu Efes - 2Q09 results better than consensus

27.8.2009 13:32

Anadolu Efes’ net income increased 35% y/y to TRY 251m in 2Q09 from TRY 186m in 2Q08. The bottom line result was in line with our estimate of TRY 239m but above the market consensus of TRY 218m. The company managed to improve its profit margins in 2Q09 on the back of a substantial recovery in international beer operations (EBI). However, the biggest contributor to net income growth in the period was non-cash financial gains generated from FX translation gains on FX-based financial loans. The firm benefited from the appreciation of local currencies and recorded net financial income of TRY 80m in 2Q09 versus a financial loss of TRY 187m in 1Q09 and financial income of only TRY 5m in 2Q08.

Consolidated 2Q09 figures: Revenues increased 6.3% y/y to TRY 1,197m in 2Q09, in line with our estimate and the consensus forecast of TRY 1,205m thanks to growth in Turkey beer and soft drink (CCI) operations. Gross profit increased 8.9% y/y to TRY 625m in 2Q09, implying a 120bp improvement in the gross margin to 52.2%. Anadolu Efes’ successful control of operating expenses in 2Q09 enabled the company to expand its EBITDA margin by 140bp to 28.1%, while EBITDA increased 12% to TRY 336m in the same period.

Efes Breweries International (EBI): EBI, a 70%-owned subsidiary of Anadolu Efes, disclosed net income at US$ 52.4m for 2Q09, implying a 133% y/y increase to US$ 22.5m in 2Q08. The surge in the bottom line was primarily due to a better operational result and substantial FX gains. Total sales volume reached 4.3mhl in 2Q09, down 4.9% y/y on the back of lower consumer sentiment related to the ongoing economic turbulence. EBI’s revenues declined 23% y/y to US$ 268m in 2Q09, mainly due to the depreciation of local currencies. Gross profit declined 11.5% to US$ 130m in 2Q09 although gross margin improved 630bp to 48.7% in 2Q09 on the back of lower commodity prices combined with the depreciation of local currencies. EBI’s EBITDA declined by 8.7% y/y to US$ 59.5m in 2Q09, but the firm’s EBITDA margin expanded 340bp to 22.3% in the period. Russian operations accounted for 78.2% of EBI’s total consolidated sales volume in 2Q09. The company captured Russian market share of 9.3% in 2Q09 (up from 9.1% in 1Q08) despite a high single digit contraction in the Russian beer market in the period. Russian operations formed 73.6% of EBI’s EBITDA in 1H09. It should also be noted that EBI generated positive cash flow of US$ 96m in 1H09 for the first time in its operating history, thanks to a lower capital expenditure and working capital requirement.

Turkey beer: Turkey beer volumes increased 2.4% y/y to 2.6mhl in 2Q09, despite the very high base of 10% volume growth in 2Q08. Revenues increased 10% y/y to TRY 395m in 2Q09, ahead of volume growth, thanks to price increases implemented in 2Q09. Turkey beer’s gross margin came in at 67.8% for 2Q09, down 600bp y/y due to increases in some raw material prices as a result of TRY depreciation and higher barley procurement prices compared to one year ago. However, the segment’s EBITDA margin contracted 790bp to 41.5% in 2Q09 due to a 24% increase in operating expenses in the quarter, which resulted in a 7.3% decline in EBITDA to TRY 164m in 2Q09. With no major changes in non-operating items, Turkey beer’s net income increased by 2.4% to TRY 133m in 2Q09.

Soft drink operations: For a detailed analysis of Anadolu Efes’ soft drink operations please refer to our Coca-Cola Icecek 2Q09 results comments.

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