BGC Paartners: AEFES 4Q18 Earnings Review... Bottom-line worse
Anadolu Efes reported a net profit of TL148mn in 4Q18, lower than market consensus of TL230mn and our expectation of TL254mn… EBITDA (the company’s calculation) came in at TL569mn in line with consensus (TL538mn) and our expectation (TL579mn). Note that, AB Inbev’s Russia and Ukraine beer businesses are included in the financials starting from April 1st. Due to a change in accounting method, there is a revision in most of the income statement items in 9M18. It seems that main deviation from our expectations was better than expected EBITDA in international beer, which was offset by a weaker EBITDA in Turkey beer and CCI operations. Higher effective tax rate and some other non-recurring items seem to be the main reason for the deviation of the bottom-line from our expectations. Net profit and EBITDA stood at TL97mn (-35% YoY) and TL3,090mn (+39% YoY) in 2018, respectively. We expect the earnings announcement to have a neutral impact on the stock performance.Anadolu Efes Biracilik ve Malt Sanayii AS is a Turkey-based company, which is engaged in the production, bottling, selling and distribution of beer under a number of trademarks and also in the production, bottling, selling and distribution of sparkling and still beverages with The Coca-Cola Company trademark. The Group owns and operates more than 14 breweries, over five malt production facilities and over 15 facilities for sparkling and still beverages production. Furthermore, the Group has joint control over Anadolu Etap Penkon Gida ve Tarim Urunleri San. ve Tic. AS (Anadolu Etap) which undertakes production and sales of fruit juice concentrates and purees in Turkey. The Group also has joint control over Syrian Soft Drink Sales & Dist. LLC (SSDSD) which undertakes distribution and sales of sparkling and still beverages in Syria.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
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