TURKEY: Anadolu Efes Q1 sales, volumes up but challenges remain
- First-quarter net losses of TRL100.8m (US$48.5m)
- Net sales in three months to end of March up 18.7% to TRL2.02bn
- Operating profits (EBITDA) rise 11.5% to TRL247.7m
- Combined beer and soft volumes up 10.2%; FY guidance maintained
The Turkish group saw Q1 sales and volumes rise
Anadolu Efes has posted a double-digit rise in first-quarter sales, but its bottom line was hampered by exchange rate pressures and the impact of a one-off gain in the prior year.
Net losses in the three months to the end of March came in at TRL100.8m (US$48.5m), compared to profits of TRL2.72bn in last year's Q1, the Turkish drinks group reported late last week. The company said the comparable was affected by a TRL2.72bn gain from the consolidation of Coca-Cola Icecek's (CCI) numbers into its performance last year. Anadolu Efes is the largest shareholder in the soft drinks group.
The firm also pointed to losses from “outstanding debt due to weaker local currencies” against the US dollar.
Sales in this year's first quarter rose by 18.7% to TRL2.02bn. This was largely due to the soft drinks business as CCI's sales in the quarter were up 25.1% to TRL1.15bn. Operating profits in the three months increased by 11.5% to TRL247.7m.
Beer volumes grew by 3.7%, while soft drinks volumes climbed by 13.1%.
In Efes' domestic beer market of Turkey, sales fell by 4.2% to TRL339.3m, as the impact of a government crackdown on alcohol sales is still felt. Sales from the group's international beer business were flat.
“In the first quarter... our volume and financial performance was better than our expectations,” the company said in a statement.
But, it warned: “The first quarter is a small one and it may not be a good indicator for the full-year performance. Moreover, our operating region is exposed to high political tension for the time being, especially considering the developments in Ukraine.”
However, the group said it is maintaining its full-year guidance.
To read the company's full statement, click here.
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