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Anadolu Efes’ net profit rises 19% in 2010

Anadolu Efes on Tuesday announced its total sales volume increased notably by 14% to 8.8 mhl in 4Q2010 year-on-year, the highest quarterly growth achieved during 2010, contributed by superior performances in Turkey beer and soft drinks operations both heavily supported with exceptionally good weather in Turkey. As a result, consolidated volumes recorder as 43.2 mhl in FY2010 compared to 2009, up 11.1%. Beer and soft drinks volume achieved growth rates of 9.2% and 13.5% respectively in FY 2010 y-o-y.
Consolidated net sales revenue of Anadolu Efes increased by 18.5% to TRL 874.6 million in 4Q2010 y-o-y, outpacing the volume growth, contributed by higher per unit sales prices in both Turkey beer and soft drink operations. Hence, consolidated net sales revenues reached TRL 4.168.8 million in FY2010, up 9.4% compared to the previous year.
Consolidated gross profit of Anadolu Efes rose by 23.1% reaching TRL 436.9 million, with a margin improvement of 190 bps to 50.0% in 4Q2010 y-o-y, due to higher gross margins in both beer and soft drink operations. Consequently, consolidated gross profit of Anadolu Efes increased by 11.3% to TRL 2,117.4 million in FY2010 compared to FY2009, with a 86 bps margin improvement to 50.8%.
Mainly due to significantly higher operating profitability in Turkey beer operations, Anadolu Efes’ consolidated operating profit more than doubled to TRL 80.1 million in 4Q2010 compared to the same quarter in previous year with a 407 bps rise in operating margin to 9.2%. Accordingly Anadolu Efes consolidated operating profit reached TLR 693.6 million in FY2010, with a 36 bps decline in margin.
Consolidated net profit attributable to shareholders increased by 19.2% to TRL 503.6 million in FY2010, contributed by higher operating profit as well as lower net financial expenses.
Anadolu Efes consolidated net financial dept decreased to TRL 770.1 million as of 2010-end compared to TRL 782.9 million as of 2009-end, leading to a decline in consolidated net dept/EBITA ratio from 0.9 times to 0.8 times in the period.

4 Apr. 2011

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