BU HABERIN KAP `IN SITESINDEKI ORJINAL HALI VE EKLI DOSYALARINI GOREBILMEK ICIN ASAGIDAKI LINK`I TIKLAYINIZ!
HTTP://WWW.KAP.GOV.TR/YAY/BILDIRIM/BILDIRIM.ASPX?ID=499084

KAP : ANADOLU EFES BIRACILIK VE MALT SANAYII A.S. / AEFES [] OZEL DURUM ACIKLAMASI (GENEL) 14.01.2016 18:01:45

OZEL DURUM ACIKLAMASI (GENEL)
---------------------------------------------------------------------------------------------


ORTAKLIGIN ADRESI : BAHCELIEVLER MAH. SEHIT IBRAHIM KOPARIR CAD. NO.4 BAHCELIEVLER/ISTANBUL
TELEFON VE FAKS NUMARASI : 0 (212) 449 36 00 (40 HAT) - 0 (212) 641 96 44
E-POSTA ADRESI : IR@ANADOLUEFES.COM
ORTAKLIGIN YATIRIMCI/PAY SAHIPLERI ILE ILISKILER BIRIMININ TELEFON VE FAKS NUMARASI : 0 (216) 586 80 02 - 0 (216) 389 58 63
YAPILAN ACIKLAMA ERTELENMIS ACIKLAMA MI? : HAYIR
OZET BILGI : ANADOLU EFES`IN 2015 YILINA AIT SATIS HACMI GELISIMLERI ILE ILGILI ACIKLAMA/ANADOLU EFES` 2015 VOLUME ANNOUNCEMENT


---------------------------------------------------------------------------------------------
SIRKETIMIZ ILE, BIRA VE ALKOLSUZ ICECEKLER SEKTORUNDE FAALIYET GOSTEREN ISTIRAKLERIMIZIN 2015 YILININ DORDUNCU CEYREGI VE TAMAMINDA SATIS HACMI GELISIMLERI ILE ILGILI ACIKLAMA ASAGIDADIR.

DORDUNCU CEYREK
KONSOLIDE SATIS HACMI %1,0 ARTARAK 16,3 MHL SEVIYESINDE GERCEKLESMISTIR (UKRAYNA HARIC %2,6 ARTIS).
BIRA SATIS HACMI %14,7 AZALARAK 4,2 MHL SEVIYESINDE GERCEKLESMISTIR (UKRAYNA HARIC %10,1 AZALIS).
MESRUBAT SATIS HACMI %7,7 ARTARAK 213,4 M U/K SEVIYESINDE GERCEKLESMISTIR.

2015 YILI
KONSOLIDE SATIS HACMI %2,8 AZALARAK 86,1 MHL SEVIYESINDE GERCEKLESMISTIR (UKRAYNA HARIC %0,8 AZALIS).
BIRA SATIS HACMI %15,3 AZALARAK 20,7 MHL SEVIYESINDE GERCEKLESMISTIR (UKRAYNA HARIC %8,4 AZALIS).
MESRUBAT SATIS HACMI %1,9 ARTARAK 1.151,9 M U/K SEVIYESINDE GERCEKLESMISTIR.

2015 YILININ TAMAMINDA KONSOLIDE SATIS HACMIMIZIN %76`SI MESRUBAT OPERASYONLARIMIZ TARAFINDAN GERCEKLESTIRILIRKEN, BIRA OPERASYONLARIMIZ KONSOLIDE SATIS HACMININ %24`UNU GERCEKLESTIRMISTIR.
BIRA SATIS HACMININ %32`SI TURKIYE BIRA OPERASYONLARIMIZIN SATISLARINDAN OLUSURKEN, YURTDISI BIRA OPERASYONLARIMIZIN SATISLARININ BIRA SATIS HACMI ICINDEKI PAYI ISE %68 OLARAK GERCEKLESMISTIR.
MESRUBAT OPERASYONLARIMIZIN SATIS HACMININ %51`I TURKIYE MESRUBAT OPERASYONLARIMIZIN SATISLARINDAN, %49`U ISE YURTDISI MESRUBAT OPERASYONLARIMIZIN SATISLARINDAN OLUSMAKTADIR.

FARKLI SEGMENTLERDE FAALIYET GOSTERMEMIZ, AZALAN BIRA HACIMLERININ MESRUBAT HACIMLERINDEKI GUCLU BUYUME ILE TELAFI EDILMESINI SAGLARKEN, ANADOLU EFES`IN KONSOLIDE SATIS HACMI 2015 YILININ DORDUNCU CEYREGINDE GECTIGIMIZ YILIN AYNI DONEMINE GORE %1,0 ARTMISTIR. DOLAYISIYLA, 2015 YILININ TAMAMINDA KONSOLIDE SATIS HACIMLERI DAHA ONCE PAYLASTIGIMIZ BEKLENTILERIMIZ ILE UYUMLU OLARAK %2,8 AZALARAK 86,1 MHL SEVIYESINDE GERCEKLESMISTIR. UKRAYNA HARIC TUTULDUGUNDA, 2015 YILI KONSOLIDE TOPLAM SATIS HACIMLERINDEKI DUSUS YINE DAHA ONCE PAYLASMIS OLDUGUMUZ YATAY SEVIYE BEKLENTIMIZE UYGUN OLARAK %0,8 ILE SINIRLI KALMISTIR.

BIRA GRUBU

2015 YILINDA TOPLAM BIRA SATIS HACIMLERI, BEKLENTILERIMIZLE UYUMLU BIR BICIMDE 20,7 MHL SEVIYESINDE GERCEKLESMISTIR. 2015 YILINDA BIRA SATIS HACIMLERINDEKI DUSUSUN ESAS NEDENI ULUSLARARASI OPERASYONLARIMIZDA, OZELLIKLE UKRAYNA`DA, AZALAN HACIMLER OLMUSTUR. YASANAN OLAGANUSTU GELISMELER NEDENIYLE HACIM DUSUSUNUN YUKSEK CIFT HANELI GERCEKLESTIGI UKRAYNA HARIC TUTULDUGUNDA, TOPLAM BIRA SATIS HACIMLERIMIZDEKI DUSUS %8,4 ILE SINIRLI KALMISTIR. ULUSLARARASI OPERASYONLARIMIZIN SATIS HACMI TOPLAM SATIS HACMININ %68`INI OLUSTURURKEN, TURKIYE BIRA OPERASYONLARIMIZIN SATIS HACMI ISE TOPLAM SATIS HACMININ %32`SINI OLUSTURMUSTUR.

TURKIYE:
TURKIYE BIRA PAZARININ BEKLENTILERIMIZE PARALEL OLARAK 2015 YILINDA %1,0-%1,5 CIVARINDA DARALDIGI TAHMIN EDILIRKEN, TURKIYE BIRA OPERASYONLARIMIZIN TOPLAM SATIS HACMI 2015 YILINDA, 2014 YILINA GORE %6,3 DUSEREK, 6,6 MHL SEVIYESINDE GERCEKLESMISTIR.

2015 YILI TURKIYE OPERASYONLARIMIZ ACISINDAN ESAS OLARAK REKABET, BIRA TUKETIMININ GORECE YUKSEK OLDUGU ULKELERDEN GELEN TURIST SAYISINDAKI GERILEME VE SECIMLER ONCESINDE OZELLIKLE UCUNCU CEYREKTE VE DORDUNCU CEYREGIN BASINDA AZALAN TUKETICI GUVENI NEDENIYLE ZORLU BIR YIL OLMUSTUR. FIYAT ARTISLARI DA SATIN ALINABILIRLIGI VE DOLAYISIYLA BIRA PAZARININ PERFORMASINI OLUMSUZ ETKILEMISTIR.

TURKIYE BIRA OPERASYONLARIMIZIN YURTICI SATIS HACMI 2015 YILININ DORDUNCU CEYREGINDE, GECTIGIMIZ YILIN AYNI DONEMINDEKI 1,5 MHL SEVIYESINE KIYASLA, 1,4 MHL SEVIYESINDE GERCEKLESMISTIR. STOK SEVIYELERINI OPTIMIZE ETMEYE YONELIK GIRISIMLERIMIZ SONUCUNDA SATIS HACIMLERI MEVSIMSEL OLARAK ZAYIF SEYREDEN BU CEYREKTE %9,2 ORANINDA GERILEMISTIR. TURKIYE BIRA OPERASYONLARIMIZIN TOPLAM SATIS HACMI 2015 YILININ DORDUNCU CEYREGINDE, GECTIGIMIZ YILIN AYNI DONEMINDEKI 1,6 MHL SEVIYESINE KIYASLA, 1,5 MHL SEVIYESINDE KAYDEDILMISTIR.

COKLU MARKA STRATEJIMIZ YANINDA TUKETICILERE SUNDUGUMUZ FARKLI HACIM ALTERNATIFLERININ OLUMLU KATKISI DA 2015 YILINDA DA DEVAM ETMISTIR.

ULUSLARARASI OPERASYONLAR:

EBI`NIN KONSOLIDE SATIS HACIMLERI 2014 YILININ DORDUNCU CEYREGINDEKI 3,3 MHL SEVIYESINE KIYASLA 2015 YILININ AYNI DONEMINDE 2,7 MHL SEVIYESINDE GERCEKLESMISTIR. 2015 YILI HACIMLERI ISE GECTIGIMIZ YILIN AYNI DONEMINE GORE %19,0 SEVIYESINDE BIR DUSUSLE 14,1 MHL OLARAK KAYDEDILMISTIR. BUNUNLA BIRLIKTE, UKRAYNA HARIC TUTULDUGUNDA, DUSUS ORANI AYNI DONEMDE %9,4 SEVIYESINDEDIR. ULUSLARARASI PAZARLARIMIZ 2015 YILI BOYUNCA ESAS OLARAK MAKROEKONOMIK, SIYASI YA DA SEKTORE OZEL OLUMSUZLUKLARA BAGLI OLARAK BASKI ALTINDA KALMISTIR.

2015 YILININ SON CEYREGINDE, MEVSIM NORMALLERININ UZERINDE SEYREDEN HAVA SICAKLIKLARI VE YAPILAN PROMOSYONLAR SAYESINDE RUS BIRA PAZARINDAKI DUSUS HIZI GECTIGIMIZ YILA GORE YAVASLAMAYA DEVAM ETMISTIR. ANA MARKALARIMIZ SON CEYREKTE DE IVMESINI SURDURUREREK PREMIUM/UST POPULER SEGMENTLERDE VARLIGIMIZI GUCLENDIRMEYE DEVAM ETMEMIZI VE MODERN KANALDAKI POZISYONUMUZU PEKISTIRMEMIZI MUMKUN KILMISTIR.

SATIS HACIMLERIMIZ RUSYA DISINDAKI ULUSLARARASI OPERASYONLARDA DA BASKI ALTINDA OLMAYA DEVAM ETMISTIR. DEVALUASYONLARA, REEL UCRETLERI OLUMSUZ ETKILEYEN YUKSEK ENFLASYONA VE DIGER MAKRO EKONOMIK VE SIYASI ZORLUKLARA RAGMEN, ANA MARKALARIMIZA, INOVASYONA VE PAZAR UYGULAMALARINA ODAKLANARAK BAZI PAZARLARDA PAZAR PAYIMIZI ARTTIRIRKEN UKRAYNA DISINDAKI PAZARLARDA ISE SAHIP OLDUGUMUZ LIDER KONUM SURDURULMUSTUR.

MESRUBAT GRUBU

2015 YILINDA KONSOLIDE SATIS HACMI YILLIK %1,9 ARTISLA 1.151,9 MILYON UNITE KASA OLURKEN, YILIN DORDUNCU CEYREGINDEKI HACIM ARTISI %7,7 OLARAK GERCEKLESMISTIR. 2015 YILINDA, TOPLAM SATIS HACMININ %51`I TURKIYE OPERASYONLARINDAN, %49`U ISE ULUSLARARASI OPERASYONLARDAN OLUSMUSTUR.

MESRUBAT OPERASYONLARININ TURKIYE SATIS HACMI, 2015 YILINDA BEKLENTILERIMIZE PARALEL OLARAK KADEMELI BIR IYILESME GOSTERMISTIR. BASARILI TUKETICI PROMOSYONLARI 2015`IN SON CEYREGINDE SATIS HACMINI OLUMLU ETKILEMISTIR. YILIN SON CEYREGINDE TUKETICI GUVEN ENDEKSI`NDE GOZLENEN IYILESME VE DONEMIN BUYUK BOLUMUNDEKI OLUMLU HAVA KOSULLARI DA %18,6`LIK HACIM ARTISINI DESTEKLEMISTIR. DOLAYISIYLA 2015 YILININ TAMAMINDA SATIS HACMI %2,6 ARTISLA 593,0 MILYON UNITE KASA OLMUSTUR. 2015 YILINDA, YERINDE TUKETIME YONELIK PAKETLERIN TOPLAM PORTFOYDEKI PAYI ARTMAYA DEVAM EDERKEN, SATILAN PAKET SAYISINDAKI ARTIS %6,4 ILE UNITE KASA SATIS HACMINDEKI ARTISIN UZERINDE GERCEKLESMISTIR. GAZLI ICECEK KATEGORISI, 2015 YILININ SON CEYREGINDEKI %13,7 BUYUMEYLE BERABER, YILIN TAMAMINDA YATAY BIR SEYIR IZLEMISTIR. GAZSIZ ICECEKLER KATEGORISI (SU DAHIL), 2015 YILINDA SU KATEGORINDEKI CIFT HANELI BUYUMEYLE BIRLIKTE %10,4 HACIM ARTISI KAYDETMISTIR. CAY KATEGORISI ISE, 2014 YILINDAKI %11,8`LIK BUYUMENIN ARDINDAN, 2015 YILINDA %3,0 HACIM ARTISI GOSTERMISTIR.

YILIN SON CEYREGINDE, ULUSLARARASI OPERASYONLARIN SATIS HACMI PAKISTAN VE ORTA ASYA`DAKI DUSUK HACIMLER NEDENIYLE %2,8 DARALMISTIR. MESRUBAT OPERASYONLARININ ULUSLARARASI SATIS HACMI 2014`TEKI %14,2 BUYUMENIN ARDINDAN, 2015 YILINDA %1,1 ARTIS GOSTEREREK 558,9 MILYON UNITE KASA OLMUSTUR. PAKISTAN SATIS HACMI, 2014`TEKI %16,5 BUYUMENIN ARDINDAN 2015 YILINDA %6,1 ARTMISTIR. 2015 YILINDA TUM KATEGORILER HACIM ARTISI KAYDETMISTIR. DIGER YANDAN, 2015`IN SON CEYREGINDE ISKONTOLARIN KARLILIGI DESTEKLEYECEK SEKILDE RASYONEL OLARAK BELIRLENMESI, SATIS HACMINDE %3,4 DARALMAYA YOL ACMISTIR. ORTA ASYA OPERASYONLARININ SATIS HACMI ISE, 2014`TEKI %16,0 BUYUMENIN ARDINDAN 2015 YILINDA %4,5 DARALMISTIR. ORTA DOGU OPERASYONLARININ SATIS HACMI ISE 2015 YILINDA YATAY BIR SEYIR IZLEMISTIR.

ENGLISH VERSION:

YOU MAY FIND BELOW THE ANNOUNCEMENT REGARDING THE VOLUME PERFORMANCE IN 4Q2015 AND FY2015 OF OUR COMPANY AND ITS SUBSIDIARIES OPERATING IN THE BEER AND NON-ALCOHOLIC BEVERAGES SECTORS.

FOURTH QUARTER HIGHLIGHTS

CONSOLIDATED SALES VOLUME UP 1.0% TO 16.3MHL (EXCL. UKRAINE UP 2.6%)
BEER SALES VOLUME DOWN 14.7% TO 4.2 MHL (EXCL. UKRAINE DOWN 10.1%)
SOFT DRINK SALES VOLUME UP 7.7% TO 213.4 M U/C

FY2015 HIGHLIGHTS

CONSOLIDATED SALES VOLUME DOWN 2.8% TO 86.1 MHL (EXCL. UKRAINE DOWN 0.8%)
BEER SALES VOLUME DOWN 15.3% TO 20.7 MHL (EXCL. UKRAINE DOWN 8.4%)
SOFT DRINK SALES VOLUME UP 1.9% TO 1,151.9 M U/C

IN FY2015, THE SOFT DRINK OPERATIONS` VOLUMES CONSTITUTED 76% OF CONSOLIDATED SALES VOLUMES, WHILE BEER OPERATIONS` VOLUMES MADE UP 24% OF THE CONSOLIDATED SALES VOLUMES.
THE SHARE OF TURKEY BEER VOLUMES WITHIN BEER VOLUMES WAS 32%, WHILE THE SHARE OF INTERNATIONAL BEER WAS 68%.
THE SHARE OF TURKEY SOFT DRINK VOLUMES WITHIN SOFT DRINK VOLUMES WAS 51%, WHILE THE SHARE OF INTERNATIONAL SOFT DRINK VOLUMES WAS 49%.

ANADOLU EFES` CONSOLIDATED SALES VOLUME GREW BY 1.0% IN 4Q2015 VS THE SAME PERIOD OF PREVIOUS YEAR, AS THE DIVERSIFIED BUSINESS RESULTED IN THE OFFSET OF SOFTER BEER VOLUMES BY THE STRONG GROWTH IN THE SOFT DRINK BUSINESS. ACCORDINGLY IN FY2015 CONSOLIDATED SALES VOLUME WAS 86.1 MHL, DOWN BY 2.8%, IN LINE WITH OUR GUIDANCE. EXCLUDING UKRAINE, THE CONSOLIDATED FULL YEAR SALES VOLUME DECLINE WAS LIMITED TO 0.8%, IN LINE WITH OUR FLATTISH GUIDANCE.

BEER GROUP

TOTAL BEER SALES VOLUME WAS 20.7 MHL IN FY2015, INLINE WITH OUR GUIDANCE. THE MAJOR REASON FOR LOWER BEER SALES IN 2015 WAS SOFTER VOLUMES IN INTERNATIONAL VOLUMES, ESPECIALLY IN UKRAINE. TOTAL BEER SALES VOLUME DECLINE WAS LIMITED WITH 8.4% EXCLUDING UKRAINE, WHERE VOLUME DECLINE WAS HIGH DOUBLE DIGITS DUE TO FORCE MAJEURE EVENTS. TURKEY SALES VOLUME MADE UP 32% OF TOTAL VOLUME IN 2015, WHILE THE SHARE OF INTERNATIONAL SALES VOLUME WAS 68%.

TURKEY:

IN FY2015, TOTAL SALES VOLUME OF TURKEY BEER OPERATIONS WAS REALIZED AS 6.6MHL, DOWN 6.3% COMPARED TO FY2014, WHILE THE TURKISH BEER MARKET DECLINE IS ESTIMATED TO BE AROUND 1.0%-1.5% IN 2015, IN LINE WITH OUR EXPECTATIONS.

IN TURKEY, 2015 WAS A CHALLENGING YEAR FOR OUR BEER BUSINESS MAINLY DUE TO COMPETITION, LOWER TOURISM, ESPECIALLY FROM CERTAIN COUNTRIES WITH RELATIVELY HIGH BEER CONSUMPTION AND LOW CONSUMER SENTIMENT ESPECIALLY IN 3Q AND EARLY 4Q BEFORE THE ELECTIONS. INCREASED PRICES IN TURKEY HAD A NEGATIVE IMPACT ON THE AFFORDABILITY AND THEREFORE ON BEER MARKET PERFORMANCE.

DOMESTIC SALES VOLUME IN TURKEY BEER OPERATIONS WAS 1.4 MHL IN 4Q2015 VS 1.5 MHL IN THE SAME QUARTER OF PREVIOUS YEAR. AS A RESULT OF INITIATIVES TO OPTIMIZE THE STOCK LEVELS, SALES VOLUMES FELL BY 9.2% IN THIS SEASONALLY LOW QUARTER. TOTAL SALES VOLUME OF TURKEY BEER OPERATIONS REACHED 1.5MHL IN 4Q2015, COMPARED TO 1.6MHL IN 4Q2014.

WE CONTINUED TO BENEFIT FROM OUR MULTI-BRAND STRATEGY, AS WELL AS UPSIZING/DOWNSIZING AND MULTIPACK OFFERINGS IN 2015.

INTERNATIONAL OPERATIONS:

EBI`S CONSOLIDATED SALES VOLUME WAS 2.7MHL IN 4Q2015, COMPARED TO 3.3MHL IN 4Q2014. FULL YEAR VOLUMES REPORTED AT 14.1MHL, INDICATING 19.0% DECLINE COMPARED TO THE PREVIOUS YEAR. HOWEVER, EXCLUDING UKRAINE, THE RATE OF DECLINE RETREATS TO 9.4% IN THE SAME TIME PERIOD. OUR INTERNATIONAL BEER MARKETS WERE UNDER PRESSURE DURING 2015 MAINLY DUE TO MACRO-ECONOMIC, POLITICAL OR SECTOR SPECIFIC CHALLENGES.

IN THE LAST QUARTER OF 2015, THE RATE OF DECLINE VS PRIOR YEAR IN THE RUSSIAN BEER MARKET CONTINUED TO SLOW, HELPED BY UNSEASONABLY WARM WEATHER AND PROMOTIONAL ACTIVITIES BY THE INDUSTRY PLAYERS. AND THE MOMENTUM OF OUR FLAGSHIP BRANDS CONTINUED INTO THE LAST QUARTER, ALLOWING US TO CONTINUE STRENGTHENING OUR POSITION IN THE PREMIUM/UPPER MAINSTREAM SEGMENTS AND TO CONSOLIDATE OUR POSITION IN MODERN TRADE CHANNEL.

OUR SALES VOLUMES CONTINUED TO BE UNDER PRESSURE IN INTERNATIONAL OPERATIONS OTHER THAN RUSSIA AS WELL. DESPITE DEVALUATIONS, HIGH INFLATION HURTING REAL WAGES AND OTHER MACRO-ECONOMIC AND POLITICAL CHALLENGES, THROUGH OUR FOCUS ON CORE BRANDS, INNOVATION AND EXECUTION, WE WERE ABLE TO MAINTAIN OUR LEADERSHIP POSITION IN ALL MARKETS WITH THE EXCEPTION OF UKRAINE, WHILE INCREASING OUR MARKET SHARE IN SOME MARKETS.

SOFT DRINK GROUP

CONSOLIDATED SALES VOLUME WAS UP BY 1.9% TO 1,151.9 M U/C IN 2015, WHILE IN 4Q2015 VOLUME GROWTH WAS 7.7%. TURKEY SALES VOLUME MADE UP 51% OF TOTAL VOLUME IN 2015, WHILE THE SHARE OF INTERNATIONAL SALES VOLUME WAS 49%.

TURKEY SALES VOLUME GRADUALLY IMPROVED IN 2015 IN LINE WITH OUR EXPECTATIONS. SUCCESSFUL CONSUMER PROMOTIONS HAD A POSITIVE IMPACT ON VOLUME IN 4Q2015. IMPROVED CONSUMER SENTIMENT AND FAVORABLE WEATHER CONDITIONS IN THE MOST PART OF THE QUARTER ALSO CONTRIBUTED TO 18.6% VOLUME GROWTH IN 4Q2015. ACCORDINGLY, CCI`S TURKEY SALES VOLUME WAS UP BY 2.6% TO 593.0 M U/C IN 2015. IN 2015, THE NUMBER OF TRANSACTIONS INCREASED AHEAD OF U/C VOLUME WITH 6.4%, AS THE TRANSITION TOWARDS IMMEDIATE CONSUMPTION (IC) PACKAGES CONTINUED. SPARKLING CATEGORY REMAINED ALMOST FLAT IN 2015, FOLLOWING 13.7% GROWTH IN 4Q2015. STILL BEVERAGES, INCLUDING WATER, GREW BY 10.4% IN 2015, DRIVEN BY DOUBLE DIGIT VOLUME GROWTH OF THE WATER CATEGORY. NON-READY-TO-DRINK (NRTD) TEA CATEGORY DELIVERED 3.0% GROWTH IN 2015, CYCLING 11.8% GROWTH IN 2014.

IN THE LAST QUARTER, CCI`S INTERNATIONAL OPERATIONS` VOLUME CONTRACTED BY 2.8%, WHICH WAS MAINLY ATTRIBUTABLE TO LOWER VOLUMES IN PAKISTAN AND CENTRAL ASIA. IN FY2015, CCI`S INTERNATIONAL OPERATIONS` VOLUME WAS UP BY 1.1% TO 558.9 M U/C IN 2015, CYCLING A STRONG GROWTH OF 14.2% IN 2014. IN PAKISTAN, VOLUME WAS UP BY 6.1%, CYCLING 16.5% GROWTH IN 2014. ALL CATEGORIES POSTED VOLUME GROWTH IN 2015. HOWEVER, VOLUME WAS DOWN BY 3.4% IN 4Q2015, MAINLY BECAUSE OF RATIONALIZED DISCOUNTS VS COMPETITION SUPPORTING PROFITABILITY. CENTRAL ASIA VOLUME WAS DOWN BY 4.5% IN 2015, CYCLING 16.0% GROWTH IN 2014. ACROSS MIDDLE EAST, VOLUME REMAINED ALMOST FLAT IN 2015.



---------------------------------------------------------------------------------------------