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Consolidated Volume Growth: 0.9% for full year 2024.
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Net Debt-to-EBITDA Ratio: 0.6 times as of end of 2024.
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Dividend Proposal: TRY1.27 per share.
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Beer Volume Growth: 9.9% in Q4 and 8.4% for full year 2024.
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Turkiye Beer Volume Growth: 2.3% for full year 2024.
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International Beer Volume Growth: 9.7% for full year 2024.
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Beer Group Sales Revenue: TRY17.9 billion in Q4, 12.3% growth.
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International Beer Operations Revenue: TRY12.8 billion, 13.5% increase.
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Turkiye Beer Operations Revenue: TRY5.1 billion, 8.8% growth.
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Beer Group Full Year Revenue: TRY92.8 billion, over 10% increase.
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Beer Group Gross Profit: TRY8.4 billion in Q4, 35.1% increase.
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Beer Group Gross Margin: 47% in Q4, 794 bps expansion.
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Beer Group Full Year Gross Profit: TRY42.3 billion, 45.9% margin.
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Beer Group EBITDA: TRY2.2 billion in Q4, 37.1% increase.
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Beer Group Full Year EBITDA: TRY14.2 billion, 15.4% margin.
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Beer Group Cash Flow: Positive TRY6.1 billion, 14.5% decline.
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Soft Drinks Volume Growth: 7.3% in Q4, 2.2% decline for full year 2024.
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Net Income Impact: Affected by higher deferred tax expenses and lower monetary gains.
Release Date: March 06, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Anadolu Efes Biracilik ve Malt Sanayi AS (IST:AEFES) achieved consolidated volume growth of 0.9% in 2024, strengthening its market leadership.
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The company maintained a net debt-to-EBITDA ratio of 0.6 times, indicating strong financial health.
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Beer operations showed strong momentum with a 9.9% growth in the last quarter and 8.4% growth for the full year.
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Russia's beer operations delivered low teens growth despite capacity constraints and a competitive environment.
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The company proposed a dividend of TRY1.27 per share, reflecting its commitment to shareholder value.
Negative Points
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Higher operating expenses per hectoliter partially offset the strong gross profitability at the EBITDA level.
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Soft drinks operations faced challenges, with a 2.2% decline in full-year volume.
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Kazakhstan experienced a decline in beer volumes due to severe floods and rising living costs.
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Net income was impacted by higher deferred tax expenses and lower monetary gains compared to the previous year.
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Free cash flow declined due to higher CapEx, increased interest expenses, and monetary losses.
Q & A Highlights
Q: What is the current situation in Russia? A: The operations of the AB InBev Efes JV company in Russia have been transferred to the temporary external management of a Russian company, GK Vmeste. There have been no significant updates beyond what was stated in official announcements. The financial reporting implications are being monitored, and different assessments may be made if current conditions persist.