ANADOLU EFES BIRACILIK VE MALT SANAYII ANONIM SIRKETI

Income Statement Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi

Equities

AEFES

TRAAEFES91A9

Brewers

Market Closed - Borsa Istanbul Other stock markets 10:09:59 2025-01-21 am EST			5-day change	1st Jan Change
168.30 ^TRY	-1.35%		+2.94%	-12.16%

Dec. 30	Putin places shares in InBev's Russian entity in temporary management, decree says	RE
Nov. 06	Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi, Nine Months 2024 Earnings Call, Nov 06, 2024

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Published financial data: ANADOLU EFES BIRACILIK VE MALT SANAYII ANONIM SIRKETI

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	23.31B	26.74B	39.3B	90.5B	160B
Total Revenues	23.31B	26.74B	39.3B	90.5B	160B
Cost of Goods Sold, Total	14.63B	16.89B	25.25B	57.87B	102B
Gross Profit	8.68B	9.85B	14.04B	32.63B	58.37B
Selling General & Admin Expenses, Total	6.58B	7.15B	9.95B	20.3B	38.79B
Other Operating Expenses	-123M	-244M	-413M	-337M	-630M
Other Operating Expenses, Total	6.46B	6.91B	9.54B	19.96B	38.16B
Operating Income	2.22B	2.94B	4.5B	12.67B	20.21B
Interest Expense, Total	-589M	-659M	-1.09B	-2.94B	-6.72B
Interest And Investment Income	1.19B	751M	1.04B	1B	3.04B
Net Interest Expenses	596M	91.97M	-52.64M	-1.93B	-3.69B
Income (Loss) On Equity Invest.	-124M	-249M	-542M	-144M	-144M
Currency Exchange Gains (Loss)	-133M	-278M	619M	699M	-316M
Other Non Operating Income (Expenses)	-397M	-294M	-399M	-1.31B	25.74B
EBT, Excl. Unusual Items	2.16B	2.21B	4.13B	9.98B	41.8B
Gain (Loss) On Sale Of Investments	-222M	-158M	-334M	-644M	-453M
Insurance Settlements	6.22M	9.82M	8.86M	5.51M	107M
Other Unusual Items	165K	1.1M	1.21M	2.34M	1.19M
EBT, Incl. Unusual Items	1.95B	2.07B	3.8B	9.34B	41.45B
Income Tax Expense	650M	610M	1.44B	3.3B	7.91B
Earnings From Continuing Operations	1.3B	1.46B	2.37B	6.04B	33.54B
Earnings Of Discontinued Operations	-	-3.96M	-	-	-
Net Income to Company	1.3B	1.45B	2.37B	6.04B	33.54B
Minority Interest	-274M	-638M	-1.3B	-2.61B	-11.41B
Net Income - (IS)	1.02B	815M	1.07B	3.43B	22.13B
Net Income to Common Incl Extra Items	1.02B	815M	1.07B	3.43B	22.13B
Net Income to Common Excl. Extra Items	1.02B	819M	1.07B	3.43B	22.13B
Per Share Items
Net EPS - Basic	1.73	1.38	1.8	5.79	37.37
Basic EPS - Continuing Operations	1.73	1.38	1.8	5.79	37.37
Basic Weighted Average Shares Outstanding	592M	592M	592M	592M	592M
Net EPS - Diluted	1.73	1.38	1.8	5.79	37.37
Diluted EPS - Continuing Operations	1.73	1.38	1.8	5.79	37.37
Diluted Weighted Average Shares Outstanding	592M	592M	592M	592M	592M
Normalized Basic EPS	1.82	1.26	2.16	6.12	24.84
Normalized Diluted EPS	1.82	1.26	2.16	6.12	24.84
Dividend Per Share	1.77	1.93	1.85	2.13	2.35
Payout Ratio	29.45	74.17	206.96	42.29	10.14
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	3.86B	4.89B	6.78B	16.59B	27.38B
EBITA	2.28B	3.04B	4.6B	12.82B	20.62B
EBIT	2.22B	2.94B	4.5B	12.67B	20.21B
EBITDAR	-	-	6.88B	16.76B	27.74B
Effective Tax Rate - (Ratio)	33.39	29.52	37.75	35.32	19.08
Total Current Taxes	451M	610M	1.01B	2.43B	4.98B
Total Deferred Taxes	199M	-207K	425M	868M	2.93B
Normalized Net Income	1.08B	746M	1.28B	3.62B	14.71B
Interest on Long-Term Debt	51.19M	51.28M	46.58M	82.45M	301M
Non-Cash Pension Expense	53.74M	49.04M	68.44M	232M	443M
Supplemental Operating Expense Items
Marketing Expenses	-	5.15B	-	-	-
Selling and Marketing Expenses	4.87B	5.15B	7.17B	14.41B	27.58B
General and Administrative Expenses	1.71B	2B	2.69B	5.74B	10.91B
Net Rental Expense, Total	-	-	105M	170M	361M
Imputed Operating Lease Interest Expense	-	-	54.96M	136M	321M
Imputed Operating Lease Depreciation	-	-	50.15M	34.15M	39.91M
Maintenance & Repair Expenses, Total	70.19M	279M	366M	847M	1.95B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	5.81B	8.52B	10.26B	23.87B	41.27B
Short Term Investments	380M	23.16M	11.58M	628M	307M
Total Cash And Short Term Investments	6.2B	8.55B	10.27B	24.5B	41.58B
Accounts Receivable, Total	2.73B	2.69B	5.12B	7.88B	15.38B
Other Receivables	164M	158M	152M	772M	452M
Total Receivables	2.89B	2.85B	5.27B	8.66B	15.83B
Inventory	2.26B	2.71B	5.9B	14.1B	24.88B
Prepaid Expenses	458M	410M	524M	969M	2.89B
Restricted Cash	-	34.42M	62.07M	132M	68.76M
Other Current Assets, Total	883M	1.12B	2.63B	3.2B	4.88B
Total Current Assets	12.68B	15.67B	24.66B	51.55B	90.13B
Gross Property Plant And Equipment	22.47B	24.48B	43.31B	59.39B	145B
Accumulated Depreciation	-10.06B	-11.56B	-21.58B	-30.28B	-85.02B
Net Property Plant And Equipment	12.4B	12.92B	21.73B	29.11B	59.66B
Long-term Investments	62.81M	799K	822K	1.62M	11.37M
Goodwill	3.22B	3.3B	9.2B	9.16B	12.58B
Other Intangibles, Total	16.3B	17.17B	26.99B	39.71B	93.45B
Accounts Receivable Long-Term	23.01M	21.06M	-	1.91M	1.3M
Deferred Tax Assets Long-Term	694M	942M	2.03B	2.99B	6.07B
Other Long-Term Assets, Total	565M	542M	419M	830M	3.32B
Total Assets	45.96B	50.56B	85.04B	133B	265B
Liabilities
Accounts Payable, Total	5.29B	6.12B	12.7B	20.03B	33.06B
Accrued Expenses, Total	1.29B	1.41B	2.86B	4.87B	7.49B
Short-term Borrowings	757M	2.33B	2.68B	7.41B	11.08B
Current Portion of Long-Term Debt	1.41B	544M	3.7B	4.18B	11.07B
Current Portion of Leases	131M	113M	94.45M	276M	640M
Current Income Taxes Payable	29.71M	128M	179M	274M	591M
Unearned Revenue Current, Total	44.01M	131M	149M	395M	775M
Other Current Liabilities	613M	1.77B	2.16B	4.59B	13.79B
Total Current Liabilities	9.57B	12.54B	24.52B	42.03B	78.5B
Long-Term Debt	7.94B	8.92B	14.36B	25.07B	35.21B
Long-Term Leases	316M	258M	409M	629M	1.07B
Unearned Revenue Non Current	2.13M	7.53M	14.7M	55.96M	44.51M
Pension & Other Post Retirement Benefits	188M	232M	349M	870M	1.08B
Deferred Tax Liability Non Current	3.07B	3.26B	4.82B	6.91B	19.35B
Other Non Current Liabilities	696M	328M	1.23B	1.21B	102M
Total Liabilities	21.78B	25.55B	45.7B	76.78B	135B
Common Stock, Total	592M	592M	592M	592M	592M
Additional Paid In Capital	2.43B	1.36B	204M	-	1.44B
Retained Earnings	5.38B	6.4B	7.44B	9.96B	61.89B
Comprehensive Income and Other	4.56B	4.45B	10.48B	15.05B	636M
Total Common Equity	12.97B	12.81B	18.72B	25.6B	64.56B
Minority Interest	11.2B	12.21B	20.62B	30.99B	65.32B
Total Equity	24.17B	25.01B	39.33B	56.58B	130B
Total Liabilities And Equity	45.96B	50.56B	85.04B	133B	265B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	592M	592M	592M	592M	592M
ECS Total Common Shares Outstanding	592M	592M	592M	592M	592M
Book Value / Share	21.91	21.63	31.61	43.23	109.03
Tangible Book Value	-6.55B	-7.66B	-17.48B	-23.28B	-41.48B
Tangible Book Value Per Share	-11.07	-12.94	-29.52	-39.32	-70.05
Total Debt	10.55B	12.16B	21.25B	37.57B	59.07B
Net Debt	4.36B	3.62B	10.97B	13.08B	17.49B
Debt Equivalent Oper. Leases	-	-	841M	1.36B	2.89B
Minority Interest, Total (Incl. Fin. Div)	11.2B	12.21B	20.62B	30.99B	65.32B
Equity Method Investments, Total	62.01M	-	-	801K	490K
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	1.1B	1.25B	3.13B	8.12B	12.85B
Inventories - Work In Process, Total	194M	221M	430M	961M	2.11B
Inventories - Finished Goods, Total	645M	881M	1.86B	4.41B	7.99B
Inventories - Others	413M	441M	646M	893M	2.4B
Land - (BS)	766M	799M	1.31B	1.68B	5.57B
Buildings, Total	4.08B	4.48B	7.75B	10.68B	25.98B
Machinery, Total	10.97B	12.2B	22B	29.74B	67.72B
Full Time Employees	17.14K	16.8K	16.7K	18.46K	20.65K
Accumulated Allowance for Doubtful Accounts (Supple)	116M	148M	182M	215M	325M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.02B	815M	1.07B	3.43B	22.13B
Depreciation & Amortization - CF	1.68B	1.97B	2.31B	3.95B	7.16B
Amortization of Goodwill and Intangible Assets - (CF)	58.97M	99.62M	93.19M	153M	413M
Depreciation & Amortization, Total	1.74B	2.07B	2.4B	4.11B	7.57B
(Gain) Loss From Sale Of Asset	-263M	-115M	-254M	-189M	-10.15M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	105M	20.1M	267M	501M	11.7M
(Income) Loss On Equity Investments - (CF)	124M	249M	542M	144M	144M
Stock-Based Compensation (CF)	-	-	-	-	-
Provision and Write-off of Bad Debts	11.52M	37.35M	-7.02M	13.8M	36.88M
Net Cash From Discontinued Operations	-	-3.96M	-	-	-
Other Operating Activities, Total	581M	1.37B	2.64B	7.24B	-4.6B
Change In Accounts Receivable	-337M	-5.08M	-2.42B	-2.83B	-1.71B
Change In Inventories	-402M	-472M	-3.05B	-8.31B	709M
Change In Accounts Payable	1.61B	836M	5.96B	5.87B	-567M
Change in Other Net Operating Assets	-30.13M	156M	940M	2.79B	-1.38B
Cash from Operations	4.16B	4.96B	8.07B	12.77B	22.33B
Capital Expenditure	-1.82B	-1.63B	-2.94B	-4.91B	-9.77B
Sale of Property, Plant, and Equipment	411M	357M	391M	410M	379M
Cash Acquisitions	-	-	-2.98B	-243M	139M
Divestitures	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-	-962K	-747K	-32.8M	-39.24M
Sale (Purchase) of Intangible assets	-	-117M	-176M	-398M	-788M
Investment in Marketable and Equity Securities, Total	-114M	-126M	-87M	-1M	-
Other Investing Activities, Total	-	-	-	-494M	-815M
Cash from Investing	-1.53B	-1.52B	-5.79B	-5.67B	-10.9B
Long-Term Debt Issued, Total	2.43B	5.49B	9.87B	22.03B	28.29B
Total Debt Issued	2.43B	5.49B	9.87B	22.03B	28.29B
Long-Term Debt Repaid, Total	-2.8B	-6.01B	-9.36B	-16.12B	-29.03B
Total Debt Repaid	-2.8B	-6.01B	-9.36B	-16.12B	-29.03B
Common Dividends Paid	-301M	-	-2.21B	-1.45B	-2.24B
Common & Preferred Stock Dividends Paid	-	-604M	-	-	-
Common & Preferred Stock Dividends Paid	-301M	-604M	-2.21B	-1.45B	-2.24B
Other Financing Activities, Total	-817M	7.36M	-432M	-689M	-1.88B
Cash from Financing	-1.49B	-1.11B	-2.12B	3.77B	-4.87B
Foreign Exchange Rate Adjustments	-102M	384M	1.59B	2.69B	-2.03B
Miscellaneous Cash Flow Adjustments	-	-	-	-	-2.59B
Net Change in Cash	1.04B	2.71B	1.75B	13.56B	1.95B
Supplemental Items
Cash Interest Paid	531M	634M	1.11B	2.16B	5.1B
Cash Income Tax Paid (Refund)	480M	508M	1.05B	2.52B	4.92B
Levered Free Cash Flow	1.73B	3.28B	2.69B	4.33B	8.36B
Unlevered Free Cash Flow	2.1B	3.69B	3.37B	6.17B	12.56B
Change In Net Working Capital	-797M	-1.53B	-1.27B	544M	-2.92B
Net Debt Issued / Repaid	-371M	-517M	518M	5.91B	-746M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.25	3.81	4.15	7.23	4.73
Return on Total Capital	4.26	5.1	5.76	10.23	6.55
Return On Equity %	5.72	5.9	7.36	12.6	25.35
Return on Common Equity	8.46	6.3	6.78	15.48	34.28
Margin Analysis
Gross Profit Margin %	37.23	36.84	35.74	36.05	36.51
SG&A Margin	28.24	26.74	25.33	22.43	24.26
EBITDA Margin %	16.55	18.3	17.25	18.33	17.13
EBITA Margin %	9.77	11.38	11.69	14.17	12.9
EBIT Margin %	9.52	11.01	11.46	14	12.64
Income From Continuing Operations Margin %	5.56	5.45	6.02	6.68	20.98
Net Income Margin %	4.38	3.05	2.72	3.79	13.84
Net Avail. For Common Margin %	4.38	3.06	2.72	3.79	13.84
Normalized Net Income Margin	4.62	2.79	3.26	4	9.2
Levered Free Cash Flow Margin	7.42	12.27	6.84	4.79	5.23
Unlevered Free Cash Flow Margin	9	13.81	8.57	6.82	7.86
Asset Turnover
Asset Turnover	0.55	0.55	0.58	0.83	0.6
Fixed Assets Turnover	2.01	2.11	2.27	3.56	2.71
Receivables Turnover (Average Receivables)	9.07	9.88	10	13.92	11.27
Inventory Turnover (Average Inventory)	6.97	6.8	5.86	5.79	4.19
Short Term Liquidity
Current Ratio	1.33	1.25	1.01	1.23	1.15
Quick Ratio	0.95	0.91	0.63	0.79	0.73
Operating Cash Flow to Current Liabilities	0.43	0.4	0.33	0.3	0.28
Days Sales Outstanding (Average Receivables)	40.24	37.05	36.51	26.22	32.38
Days Outstanding Inventory (Average Inventory)	52.38	53.8	62.24	63.06	87.06
Average Days Payable Outstanding	108.58	120.48	121.24	90.24	117.24
Cash Conversion Cycle (Average Days)	-15.96	-29.62	-22.49	-0.96	2.2
Long Term Solvency
Total Debt/Equity	43.64	48.63	54.02	66.4	45.48
Total Debt / Total Capital	30.38	32.72	35.07	39.9	31.26
LT Debt/Equity	34.14	36.7	37.56	45.42	27.93
Long-Term Debt / Total Capital