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oda_ForwardLookingEvaluationsAbstract|
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Evet (Yes)
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Hayır (No)
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06.05.2020
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Hayır (No)
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2020 continues to be a uniquely challenging year due to the impact of COVID-19. Despite the gradual easing in the measures taken by the governments across all our operations, there are still uncertainties going forward and in some operating regions challenges related to COVID-19 persist. Therefore, we still refrain from giving a detailed outlook for 2020 as there are many uncertainties. On the other hand, second quarter performance in both business lines was better than our initial outlook at the beginning of the crisis. With partial re-openings in on trade across the board our initial expectation of low-double digits' decline on beer group volumes for 2020 is now revised to mid-single digit decline. Our cost mitigating measures and opex savings are still in place to support our P&L as also seen in our 2Q2020 results. In addition to Russia, Ukraine, Turkey and Kazakhstan, we extended our Zero Based Spending program to other CIS countries. We expect these efforts to continue for the rest of the year and will be partly mitigating the negative impact that COVID-19 has on our profitability ratios for the full year. As a result of savings and programs implemented, we still expect capital expenditures to be lower than last year on absolute basis where capex to sales ratio is not to exceed previous year's level. We will continue to improve our working capital management in the second half of the year as we made a substantial progress in the first half despite a challenging environment. Our free cash flow in the first half of the year exceeded our expectations supported by our effective cost and expense management as well as better working capital. Consequently, we expect to generate positive Free Cash Flow in beer group in 2020 albeit lower than its record-high level in 2019. *2020 outlook reflects management expectations and are based upon currently available data. Actual results are subject to future events and uncertainties including but not limited to macro-economic, financial, geopolitical and political risks, which could materially impact the Company's actual performance. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.