TURKEY: Anadolu Efes boosted in H1 by SABMiller Russia tie-up

By | 30 August 2012

  • H1 net profits up by 39% to TRY348.1m (US$190.6m)
  • Net sales rise by 40.5% to TRY3205.8m 
  • Operating profits up by 35% to TRY458.3m 
  • Beer volumes boosted by newly-acquired SABMiller operations in Russia and Ukraine
The group saw a healthy rise in first-half profits

The group saw a healthy rise in first-half profits

Anadolu Efes has reported a jump in first-half profits as its beer operations got a boost from a strategic tie-up with SABMiller in Russia

Net profits in the six months to the end of June leapt by 39% to TRY348.1m (US$190.6m), the Turkey-based drinks group said on Tuesday (28 August). Sales in the period rose by 40.5% to TRY3205.8m.

Operating profits were up by 35% to TRY458.3m. 

Overall group volumes in the six-month period rose by 18.9% year-on-year to 26.1m hl, due to "higher soft drink sales" and increased beer volumes "mainly due to the contribution of the newly-acquired SABMiller operations in Russia and Ukraine", the group said. 

Anadolu Efes' domestic beer volumes grew by 5.4% in the period, despite bad weather and higher retail prices, the company said. Sales were up by 19.7% to TRY846.1m, leading to EBITDA hitting TRY318.7m, a rise of 8.8%.  

Earnings from international beer sales rose 60% to TRY124.3m. 

Looking ahead for its beer operations, the group said it expects domestic volumes to grow at a "low single-digit level". Internationally, the group said it expects net sales to grow at around 70% this year, outpacing volume growth, due to the merger in Russia.

However, the group warned: "We maintain our estimate for the Russian beer market at low-to-mid single digits rate decline due to higher prices as a result of higher excise taxes and inflationary increases, in addition to new restrictions on beer selling & advertisement and unfavourable weather conditions." 

The group's soft drinks operations, run by Coca-Cola Icecek, saw volumes rise by 10.7% in H1, leading to an increase in EBITDA of 45.4% to TRY325.5m. 

To view the company's full statement, click here

Expert analysis

Anadolu Efes Biracilik ve Malt Sanayii A.S.: Company Profile and SWOT Analysis

ICD Research's "Anadolu Efes Biracilik ve Malt Sanayii A.S.: Company Profile and SWOT Analysis" contains in depth information and data about the company and its operations. The profile contains a company overview, business description, financial ratios, competitor benchmarking data, SWOT analysis, key facts, information on products and services, details of locations and subsidiaries, plus information on key news events affecting the company.

Sectors: Beer & cider, Company results, Emerging markets – BRIC, Soft drinks

Companies: SABMiller, Anadolu Efes

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