E-Malt.com News article: 2594

Turkey: Anadolu Efes released on April 22nd, 2004 its FY2003 audited consolidated financial results prepared in accordance with IFRS. Consolidated EBITDA grew by 107% to 267 million USD: Turkey Beer up by 70% to 134 million USD; International Beer up by 149% to 91 million USD. Consolidated Net Income grew by 182% to 165 million USD. Consolidated Revenues grew by 51% to 746 million USD: Turkey Beer up by 41% to 422 million USD; International Beer up by 65% to 264 million USD.

Anadolu Efes Biracýlýk ve Malt Sanayii A.S. (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.

“As of end of 2003 our total beer sales volume reached around 1,2 billion liters growing by 28% vs. 2002,” the company said.

Consolidated net profit of the company increased by 182% to 165 million USD in 2003 from 58 million USD in 2002, mainly attributed to the outstanding operating performance in addition to equity income from associates and strong local currencies against USD in 2003.

“Our brewing operations in Southeast Europe, Russia and Central Asia are managed by Netherlands based Efes Breweries International (“EBI”), an 85% subsidiary of Anadolu Efes. EBI commenced production in two state of the art breweries in Rostov-Russia and Almaty-Kazakhstan, and also acquired three breweries in Chisinau-Moldova, Ufa-Russia and Pancevo-Serbia, in 2003. As a result EBI currently owns and operates 9 breweries and 2 malteries with a total annual capacity close to 9 million hectoliters of beer and 50,000 tons of malt.”

“EBI’s sales volume reached 530 million liters resulting in a record 67% growth. The organic growth in 2003, excluding the acquisitions, was 23%. The share of our international beer volumes relative to total beer volumes grew from 37% in 2002 to 48% in 2003. The Efes Beverage Group Management had set itself a long term goal in 1999 to generate 50% of its beer volume through international sales by 2004. Hence this objective was realized in 2003 on an annual basis, one year ahead of target.

Sales revenues increased in line with the volume by 65%, reaching 264 million USD. EBITDA grew by 149% reaching 91 million USD, with an EBITDA margin of 34% in 2003. Net profit increased to 53 million USD in 2003 from 16 million USD in 2002, mainly due to volume growth and the increase in net other income primarily as a result of gain on sales of participation relevant to Moscow Efes Breweries’ acquisition of Amstar brewery. As a result of the financing of the significant expansion in 2003, net financial debt increased to 85 million USD in 2003 from 32 million USD in 2002.”


04 May, 2004