BGC Partners: AEFES 1Q19 Earnings Review – In line
Anadolu Efes reported a net loss of TL177mn in 1Q19, in line with market consensus of TL176mn net loss, but better than our expectation of TL209mn net loss… EBITDA (the company’s calculation and excluding IFRS16 impact) came in at TL371mn (+18% YoY) in line with consensus (TL386mn) and our expectation (TL389mn). Note that, AB Inbev’s Russia and Ukraine beer businesses are included in the financials starting from April 1, 2018. In 1Q19, better than expected EBITDA and net profit in soft drinks along with lower than expected net financial expenses on a consolidated basis was offset by weaker than expected EBITDA in beer group and higher depreciation charges with asset revaluations in Russia and Ukraine. 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.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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