E-Malt.com News article: 2644

Turkish brewing force, Anadolu Efes, announced on May 10 its financial results for the first quarter 2004. As of end of 1Q2004 company’s total beer sales volume reached 268 million liters growing by 38% versus 1Q2003. Excluding the sales volumes of the breweries in Ufa-Russia and Panchevo-Serbia, which were acquired in 2H2003, the organic growth rate was very strong at 17%, said the company.

The domestic beer sales volume of Turkish beer operations further accelerated in 1Q2004 to 8% and reached 131 million liters. Together with the export volumes, which grew by 59%, total sales volume of Turkish beer operations reached 138 million liters in 1Q2004, posting an increase of 10% over 125 million liters in 1Q2003.

Anadolu Efes Biracýlýk ve Malt Sanayii A. (Anadolu Efes), listed in the Istanbul Stock Exchange, is the holding company of Efes Beverage Group’s beverage interests as well as an operating company, under which Turkey beer operations are managed. The Efes Beverage Group is composed of Anadolu Efes and its subsidiaries and affiliates that produce and market beer, malt, soft drinks across a geography including Turkey, Russia, the CIS countries and Southeast Europe. The Group operates with 14 breweries, 4 malteries and 9 Coca-Cola bottling facilities in 10 countries and has an annual brewing capacity of around 1.8 billion liters, malting capacity of 150,000 tons and Coca-Cola bottling capacity of 420 million unit cases per year.

Company’s brewing operations in Southeast Europe, Russia and Central Asia are managed by Netherlands based Efes Breweries International (“EBI”), an 85% subsidiary of Anadolu Efes. Volume performance in international beer operations reached further momentum in 1Q2004. EBI sold 130 million liters in 1Q2004 growing by 90% over a base of 68 million liters in 1Q2003. Consequently, the share of international beer volumes, including Turkey originated exports, which was 38% of our total beer sales volume in 1Q2003, increased to 51% in 1Q2004. Excluding the sales volumes of the breweries in Ufa-Russia and Panchevo-Serbia, which were acquired in 2H2003, the organic growth rate reached 30%.

In Russian beer operations, constituting 71% of international beer operations by volume, Anadolu Efes posted 127% total sales volume growth versus 1Q2003. Excluding the sales volume of newly acquired Amstar Brewery in Ufa, the organic growth rate was 39%. “Stary Melnik” is the leading Russian local premium beer with 24% volume share in its segment, based on AC Nielsen as of January-March 2004 period. “Efes Pilsener” on the other hand; is also leading the licenced premium beer segment in Russia with 14% volume share. “Stary Melnik” is now the 5th largest beer brand in Russia based on value among approximately 600 brands as of March 2004, and is the leading brand in Moscow, where the competition is the most intense.

Anadolu Efes’ successful beer operation in Kazakhstan delivered 7% of total international beer sales volume in 1Q2004 where the company posted 28% volume growth versus 1Q2003. “Karagandinskoe”, with 15% market share, continues to be the number one beer in Kazakhstan based on AC Nielsen as of March 2004.

Anadolu Efes’ operation in Moldova, acquired in 2003, accounted for 12% of the total international beer sales volume. The company is leading the Moldovan beer market where sales volume grew by 39% in 1Q2004.

Newly acquired brewery in Serbia and “Interbrew Efes Brewery”, our 50%-50% joint venture with Interbrew in Romania, accounted for 4% and 5% of the total international beer sales volume in 1Q2004, respectively.


14 May, 2004