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Anadolu Efes’ Russian operations account for the largest beer market in terms of sales volumes of all of its beer operations.

Anadolu Efes’ Russian operations commenced with the Moscow-Efes Brewery (“MEB”) that the company set up in 1997. In 2012, these operations were further strengthened with the strategic alliance that Anadolu Efes entered into with SABMiller.

Anadolu Efes has six breweries in Russia. It also has four malteries, all of which are in the city of Kazan. The portfolio of operations in Kazan include a preform plant whose annual production capacity of about 400 million PET preforms, makes Anadolu Efes largely self-sufficient.

Despite market adversities, Anadolu Efes’ Russian operations performed successfully.

Over the last five years, the Russian beer market has contracted by primarily due to tightened regulatory environment, excise tax increases and macroeconomic challenges.

Average capacity utilization rates in the Russian beer market have also declined significantly during the same period. This trend continued in 2014.

At the beginning of 2014, Anadolu Efes’ projection for the Russian beer market was a mid-to-high single digit decline and that the company’s performance would be parallel to this.

Events in the Russian beer market unfolded in line with these expectations and the market contracted by 9% during the year. On the other hand, Anadolu Efes’ Russian beer operations outperformed the initial budget parameters since the beginning of the year. Accordingly, while the company’s market projections remained on course, its expectations regarding its own sales were revised to reflect its anticipation of a low-to medium single-digit decline.

As a result, Anadolu Efes outperformed the market in line with its revised expectations and increased its market share up from 13.5% in 2013 to 14.1% in 2014, being the only multinational company in Russia to improve its market share as measured both by volume and by value in 2014 compared to 2013.

Production network optimization program impacted performance positively all year long.

Under its network optimization program in Russia, Anadolu Efes halted its brewing and malting operations in Moscow and Rostov as of the beginning of the year, and the production of these facilities were shifted to facilities located in other parts of the country.

In addition to the contraction in sales, the profitability of Anadolu Efes’ Russian beer operations was negatively affected by the lagged reflection of excise tax increases into prices and the devaluation of the local currency against USD. However the network optimization program and cost-cutting initiatives had a favorable impact on gross profit and operational profitability as expected.