Earnings Release - Coca Cola İçecek

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NEWSRELEASE 

COCA-COLA ICECEK REPORTS FULL YEAR 2012 RESULTS 

Friday, March 15, 2013 

Consolidated sales volume up by 12% in 2012 to 850 million unit cases 

Volume in Turkey up by 4% to 569 million unit cases 

Volume in International operations up by 31% to 282 million unit cases 

Consolidated net sales revenue amounted to TL 4.1 billion, up by 21% 

Consolidated EBIT increased by 44% to TL 474 million 

Consolidated EBITDA up by 41% to TL 685 million with an EBITDA margin of 16.6% 

Consolidated net income came in at TL 380 million, up by 171% 

Consolidated Sales Volume 

Sales Volume Breakdown – 2012 

762 850 

8.3% 7.9% 

20.9% 21.8% 

70.8% 70.3% 

2011 2012 

Sparkling Still Tea 

Consolidated Net Sales Revenue 

Sales Revenue Breakdown – 2012 

3,409 

4,132 

2011 2012 

Consolidated EBITDA 

EBITDA Breakdown - 2012 

685 

487 

2011 2012 

Coca-Cola Icecek Investor Relations I Tel: +90 216 528 3386 I Fax: +90 216 365 8457 I CCI-IR@cci.com.tr I www.cci.com.tr I 1


NEWSRELEASE 

Comments from the Chief Executive Officer, Mr. Damian Gammell 

I am very pleased to announce the full year 2012 results for CCI. Our 2012 results are in-line with 

our long term guidance, with revenue growing ahead of volume and EBITDA ahead of net 

revenue. 

Consolidated CCI volume increased by 12% versus 2011, international operations grew a very 

impressive 31% while Turkey grew 4%. In line with our focus, the sparkling category grew at low 

double digits, this growth was led by brand Coca-Cola. We continued to offer consumers more 

choice and our still category grew at mid-teens. 

In 2012, we continued to focus on translating strong volume growth into value. Consolidated 

revenues at CCI increased by 21% versus 2011, reaching TL 4.1 billion for the full year. 

Consistent execution of our revenue growth management strategies, package segmentation, cold 

drink investment and pricing resulted in a very healthy revenue per case growth of 9%. 

The revenue growth, coupled with a supportive cost environment and ongoing productivity 

improvements brought about 2.3pp expansion in our EBITDA margin. We continued to invest into 

the market, expanding our cooler universe and improving execution. Our EBIT margin also 

improved by 1.8pp as we continued to drive cost leverage at CCI. 

Working ever closer with our customers we continued to enjoy market share gains in all our key 

markets. Our focus on a customer driven supply chain and the use of even more efficient 

technologies ensured our customer satisfaction continued to increase in 2012. 

Net income improved significantly as CCI benefited from a stronger Turkish lira, I am particular 

pleased with our free cash flow generation before acquisitions which reached TL 154 million for 

the full year. 

Our focus on long term growth was supported in 2012 through the acquisition of Al Waha in South 

Iraq, adding significant capacity and revenue in our third largest market. 

In line with our long term growth model we continued to focus on sustainable growth across CCI. 

Water, energy and packaging usage continued to be reduced in 2012 and through a number of 

local initiatives we continued to support our local communities. 

As we leave the first couple of months of the year behind, our optimism fueled by better economic 

growth prospects for Turkey and stable cost environment. In 2013, we expect Turkey volume to 

grow mid to high single digits, and organic mid-teens growth in international operations. In 

addition, we expect our sales revenue to grow faster than our volume, and a flat to slightly positive 

EBITDA margin expansion due to the impact of South Iraq and Pakistan consolidation. 

We believe CCI will continue to deliver successful results for the years to come. We are only at the 

beginning of the journey. 



NEWSRELEASE 

Consolidated (million TL) 2012 2011 Change % 4Q12 4Q11 Change % 

Volume (million uc) 850.5 761.7 11.7% 173.8 140.6 23.6% 

Net Sales 4,132.4 3,408.6 21.2% 844.9 670.5 26.0% 

EBIT 474.2 328.3 44.4% 17.1 15.9 7.7% 

EBIT (Exc. other) 475.4 322.9 47.2% 20.5 15.9 29.4% 

EBITDA 685.5 486.9 40.8% 75.0 58.4 28.5% 

EBITDA (Exc. other) 682.6 484.8 40.8% 76.4 59.6 28.2% 

Net Income/(Loss) 380.1 140.3 171.0% 0.9 (6.0) n.m. 

Gross Prof it Margin 38.4% 37.0% 36.2% 38.0% 

EBIT Margin 11.5% 9.6% 2.0% 2.4% 

EBIT Margin (Exc. other) 11.5% 9.5% 2.4% 2.4% 

EBITDA Margin 16.6% 14.3% 8.9% 8.7% 

EBITDA Margin (Exc. other) 16.5% 14.2% 9.0% 8.9% 

Net Income Margin 9.2% 4.1% 0.1% (0.9%) 

Turkey (million TL) 2012 2011 Change % 4Q12 4Q11 Change % 


Net Sales 2,757.6 2,472.8 11.5% 535.8 446.3 20.0% 

EBIT 311.2 267.9 16.2% 3.8 25.1 (85.0%) 

EBIT (Exc. other) 300.4 244.4 22.9% 5.9 6.2 (5.5%) 

EBITDA 434.7 362.6 19.9% 35.9 47.5 (24.3%) 


Net Income/(Loss) 285.1 119.8 138.0% 6.8 19.8 (65.8%) 


EBIT Margin 11.3% 10.8% 0.7% 5.6% 


EBITDA Margin 15.8% 14.7% 6.7% 10.6% 


Net Income Margin 10.3% 4.8% 1.3% 4.4% 

International (US$ million) 2012 2011 Change % 4Q12 4Q11 Change % 


Net Sales 770.6 576.2 33.7% 173.2 120.9 43.3% 

EBIT 94.0 45.4 107.1% 7.6 2.2 241.4% 

EBIT (Exc. other) 92.2 43.8 110.7% 7.2 3.7 94.0% 

EBITDA 143.4 83.9 70.8% 22.1 13.4 65.3% 


Net Income/(Loss) 56.1 22.2 152.9% (4.1) (4.7) (13.3%) 


EBIT Margin 12.2% 7.9% 4.4% 1.8% 


EBITDA Margin 18.6% 14.6% 12.8% 11.1% 


Net Income Margin 7.3% 3.9% (2.4%) (3.9%) 

Note 1: EBITDA = EBIT + Amortization & Depreciation + Relevant Non Cash Expenses including Provision for Employee Benefits - Relevant Non-cash income 

including Negative Goodwill 

Note 2: EBIT/EBITDA (Exc. other) = EBIT/EBITDA Excluding Net Other Operating Items 



NEWSRELEASE 

2012 Full Year Highlights 

CCI’s consolidated sales volume increased by 11.7% to 850 million unit cases in 2012, successfully 

cycling strong 14.5% growth in the prior year. Like-for-like growth (inclusion of 1Q11 proforma N.Iraq 

volume and exclusion of 4Q12 S.Iraq volume) of consolidated volume was 9.9%. International 

operations constituted 33% of total volume, up from 28% in 2011. 

Sparkling category grew at low double digits, which was driven by Coca-Cola brand while still category 

grew at mid-teens. The strong growth of all categories was on the back of successful execution, better 

RTM initiatives, cooler investments, marketing campaigns and promotions, as well as activations 

during Eurocup, Ramadan and New Year. 

Net sales increased by 21.2% to TL 4.1 billion. Net revenue per case increased by 8.6% to TL 4.86 as 

a result of higher average pricing particularly in Turkey and Central Asia. International operations 

formed 33% of the total net sales in 2012, compared to 28% in 2011. 

Gross profit margin increased by 1.4pp to 38.4% on the back of growth in net revenue per case and 

lower input costs versus 2011. EBIT grew by 44.4% on the back of improved gross profitability and 

lower distribution, selling and marketing expenses as percentage of net sales. Hence, EBIT margin 

was up by 1.8pp to 11.5% while EBITDA margin enhanced by 2.3pp to 16.6%. 

Turkish Lira appreciated by 5.6% between the beginning and the end of the reporting period. 

Accordingly, net financial income was TL 8 million vs. TL 145 million of net financial expense in 2011, 

primarily driven by non-cash FX gains. 

Consequently, net income increased by 171% to TL 380 million. 

Fourth Quarter Highlights 

Fourth quarter 2012 consolidated sales volume increased by 23.6% to 174 million, cycling 8.0% 

growth in the prior year. Like-for-like growth (exclusion of 4Q12 S. Iraq volume) was 15%. 

Net revenue grew by 26.0% to TL 845 million and net revenue per case increased by 1.9% to TL 4.86 

on the back of Turkey’s net revenue per case growth. Net revenue per case in international 

operations was lower than 4Q11 mainly due to first time consolidation of S.Iraq operations where 

current per case prices are lower than CCI’s international operations’ average. 

Gross profit and EBIT grew in absolute terms. However gross profit margin decreased by 1.8pp to 

36.2% mainly due to lower gross profit margin in Turkey, while international operations gross margin 

increased. EBIT margin was only down by 0.3pp to 2.0% thanks to strong operating margin 

expansion in international operations in spite of lower operating margin in Turkey. Consequently, 

EBITDA margin was up only by 0.2pp t to 8.9%. 

Net financial expenses decreased by 67.1% to TL 6 million as TL/US$ was flat in 4Q12 vs. a 

depreciation in 4Q11. 

Net income was TL 1 million vs. a loss of TL 6 million year ago, as a result of higher consolidated 

EBIT and lower financial expenses. 



NEWSRELEASE 

Turkey Operations 

Sales Volume (mn uc) 

568.5 

546.8 

2011 2012 

Sales Revenue (TL mn) 

2,757.6 

2,472.8 

Full Year: Turkey volume increased by 4.0% to 569 million unit cases, 

cycling a very strong 10.6% growth in the prior year. The growth was 

driven by portfolio optimization as well as increased focus on category 

and package mix management. 

All categories posted growth in 2012, thanks to increased cold 

availability as well as successful new product, package, and brand 

launches. Sparkling and still categories registered low single and low 

double digit growth, respectively, while tea category grew at mid-single 

digits. 

Consequently our market share in sparkling, juice and water categories 

were 67%, 25% and 7%, respectively in 2012 (Market share numbers 

are restated due to a change in forecasting universe). 

Net sales rose by 11.5% to TL 2.8 billion, whereas net sales per unit 

case was up by 7.3% to TL 4.85 on the back of effective price/mix 

management. 

Cost of sales increased by 8.7%, lower than the net sales growth, 

driven by lower can and resin prices. Accordingly, gross profit margin 

increased by 1.5pp to 41.8%. 

2011 2012 

EBIT (TL mn) 

10.8% * 

267.9 

11.3% 

311.2 

Excluding net other operating items, operating expenses as a 

percentage of net revenues increased by 0.5pp due to the relatively 

higher in distribution, selling and marketing expenses. Consequently, 

EBIT margin rose by 0.5pp to 11.3%. 

EBITDA was up by 19.9% to TL 434.7 and EBITDA margin increased 

by 1.1pp to 15.8%. 

2011 2012 

* EBIT Margin 

EBITDA (TL mn) 

* 14.7% 

362.6 

15.8% 

434.7 

2011 2012 

* EBITDA Margin 



NEWSRELEASE 

Operational Review by Segments 

Turkey Operations 


Fourth Quarter: Turkey sales volume growth was 12.5%, cycling a 

1.4% growth a year ago, supported by above average weather 

temperatures throughout the quarter. 

96.9 

108.9 

Net sales increased by 20.0%, higher than volume growth and net sales 

per unit case increased by 6.7% to TL 4.92 due to effective price/mix 

management. 

Cost of sales rose by 29.6%, higher than net sales mainly due to higher 

sweetener prices. Hence, the gross margin decreased by 4.4pp to 

40.7% in spite of higher net revenue per case. 

4Q11 

4Q12 

Sales Revenue (TL mn) 

535.8 

446.3 


percentage of net revenues decreased by 4.1pp due to lower per case 

marketing expenses compared to 4Q11. Other operating expense was 

TL 2.1 million vs. TL 18.9 million of other income in 4Q11, mostly due to 

lower dividends from subsidiaries in 4Q12. Hence, EBIT declined by 

85% to TL 3.8 million while EBIT margin declined by 4.9pp to 0.7%. 

EBITDA declined by 24.3% to TL 35.9 million while EBITDA margin 

declined by 3.9pp to 6.7%. 

4Q11 

4Q12 

EBIT (TL mn) 

* 5.6% 

25.1 

0.7% 

3.8 

4Q11 

4Q12 

* EBIT Margin 

EBITDA (TL mn) 

* 10.6% 

47.5 

6.7% 

35.9 

4Q11 

4Q12 




NEWSRELEASE 

International Operations 


215.0 

576.2 

45.4 

282.0 

2011 2012 

Sales Revenue (USD mn) 

770.6 

2011 2012 

* 

7.9% 

EBIT (USD mn) 

12.2% 

94.0 

2011 2012 

* EBIT Margin 

EBITDA (USD mn) 

* 

14.6% 

18.6% 

143.4 

Full Year: International sales volume increased by 31.2% to 282 

million unit cases in 2012, driven by the strong organic growth in Central 

Asia, N.Iraq and Pakistan. The growth was also driven by the first time 

consolidation of S.Iraq’s volume in 4Q12 and full consolidation of N.Iraq 

starting from March 2011. Iraq’s share within international operations 

increased to 15% from 11% a year ago. Like-for-like growth of 

international operations was 24.8% in 2012. 

Volume in Kazakhstan and Azerbaijan grew by 32% and 20%, 

respectively, supported by market share gains and new product 

launches as well as continued customer segmentation of on-premise 

channel and fast economic growth in the region. Pakistan volume 

growth was 23% assisted by the improvements in the distribution 

system and focus on consumer activations and promotions. Business in 

N.Iraq continued its strong performance, registering close to 45% 

growth in 2012 with the help of improved distribution, and activations 

during special occasions in addition to increased cold availability. 

Net sales revenue increased by 33.7% to US$ 771 million, ahead of 

volume growth. Net sales revenue per unit case increased by 2% to 

US$ 2.73 on the back of higher average pricing particularly in key 

Central Asian countries. 

Cost of sales were up by 26.6%, lower than the revenue growth, driven 

by lower sugar and packaging prices. As a result of higher net revenue 

per case and lower cost of sales, gross profit margin increased by 3.9pp 

to 31.5%. 


percentage of net revenues decreased by 0.5pp. Therefore, EBIT more 

than doubled to US$ 94 million and EBIT margin improved by 4.3pp to 

12.2% thanks to higher gross margin and lower operating expenses as 

a percentage of net revenues. 

EBITDA was up by 70.8% to US$ 143.4 million with a margin of 18.6%, 

expanding by 4.0pp vs. 2011. 

83.9 

2011 2012 




NEWSRELEASE 

International Operations 


64.9 

43.7 

4Q11 

4Q12 

Sales Revenue (USD mn) 

173.2 

120.9 

Fourth Quarter: International operations volume increased by 48.3% 

over 4Q11. All key markets posted double digit volume growth thanks to 

New Year campaigns, expanded route to market initiatives and 

promotion activities. First time consolidation of S.Iraq also contributed 

to this growth. Like-for-like growth of international operations was 

20.9% in 4Q12. 

Net sales revenue increased by 43.3% to US$ 173 million, whereas net 

sales per unit case decreased by 3.4% to US$ 2.67 mainly due to first 

time consolidation of S.Iraq operations. 

Cost of sales increased by 33.4%, lower than revenue growth on the 

back of favorable raw material costs in all key markets. Despite the 

contraction of net revenue per case, gross profit margin was up by 

5.3pp to 28.4%. 


percentage of net revenues increased by 4.2pp. Absolute EBIT almost 

quadrupled and EBIT margin improved by 2.6pp to 4.4%. 

EBITDA was up by 65.3% to US$22.1 million and EBITDA margin 

expanded by 1.7pp to 12.8%. 

4Q11 

* 

1.8% 

EBIT (USD mn) 

4Q12 

4.4% 

7.6 

2.2 

4Q11 

* EBIT Margin 

4Q12 

EBITDA (USD mn) 

* 11.1% 

12.8% 

13.4 

22.1 

4Q11 


4Q12 



NEWSRELEASE 

Debt Structure 

Group Financial Review 

Consolidated total financial debt as of December 31, 2012 increased by TL 43 million to TL 1,677 million 

from TL 1,634 million as of year end-2011. The maturity profile of the long-term borrowings (including current 

portion of long-term borrowing) as of December 31, 2012: 

Maturity Date 2013 2014 2015 2016 

% of total debt 4.8% 91.9% 3.0% 0.3% 

The majority of consolidated financial debt is denominated in foreign currencies, of which 86% is US$, 7% is 

EUR and 7% is other currencies. Consolidated net debt as of December 31, 2012 was US$ 600 million 

versus US$ 587 million as of December 31, 2011. 

Financial Leverage Ratios 2012 2011 

Net Debt / EBITDA 1.6 2.3 

Debt Ratio (Total Fin. Debt / Total Assets) 39.3% 43.1% 

Fin. Debt-to-Equity Ratio 87.6% 97.8% 

Financial Expenses 

Financial Income / (Expense) Breakdown 

(TL m) 2012 2011 

Interest income 31.5 31.4 

Interest expense (-) (53.7) (54.0) 

Foreign exchange gain / (loss) (26.5) 28.2 

Realized FX gain / (loss) – Borrowings 0.0 (0.1) 

Unrealized FX gain / (loss) – Borrowings 57.0 (150.4) 

Gain / (loss) on derivative transactions 0.0 (0.1) 

Financial Income / (Expense) Net 8.4 (144.9) 

Capital Expenditures 

Capital Expenditures (TL m) 2012 2011 

PP&E and intangibles 367 499 

Subsidiary Acquisitions 210 0 

Total 577 499 

Total capital expenditures increased by 16% to TL 577 million in 2012. Capital expenditures / net sales ratio, 

excluding acquisitions, decreased to 8.9% in 2012 versus 14.6% in 2011. 



NEWSRELEASE 

Accounting Principles 

CCI prepares its consolidated financial statements in accordance with the CMB's "Communiqué on Financial 

Reporting in Capital Market" Serial XI, No:29. Listed companies are required to prepare their financial 

statements in conformity with International Accounting / Financial Reporting Standards (IAS/IFRS) as 

prescribed in this CMB Communiqué from the beginning of the year 2008. 

Functional and presentation currency of the Company is TL. The multinational structure of foreign entities and 

realization of most of their operations in terms of U.S. Dollars (USD) resulted in determination of the foreign 

subsidiaries’ and joint ventures’ functional currency as USD. The majority of the consolidated foreign 

subsidiaries and joint ventures are regarded as foreign entities since they are financially, economically and 

organizationally autonomous. 

Since the functional and presentation currency of foreign subsidiaries and joint ventures are determined as 

USD in the consolidated financial statements, USD amounts presented in the balance sheet are translated 

into Turkish Lira at the official TL exchange rate for purchases of USD announced by the Central Bank of the 

Republic of Turkey on December 31, 2012, USD 1.00 (full) = TL 1.7826 (December 31, 2011; USD 1.00 (full) 

= TL 1.8889). Furthermore, USD amounts in the income statement have been translated into TL, at the 

average TL exchange rate for purchases of U.S. Dollars for the year ended December 31, 2012, is USD 1.00 

(full) = TL 1.7922 (January 1, - December 31, 2011; USD 1,00 (full) = TL 1.6708). Differences that occur by 

the usage of closing and average exchange rates are followed under currency translation differences 

classified under equity. 

CCİ’s indirect share in Al Waha became 64,94% by the purchase of 85,00% Al Waha shares by Waha B.V., 

with an amount of USD 133.8 million, equivalent to TL 238.703. Since TL 28.333 of the acquisition cost was 

paid as an advance to sellers in 2011 and reflected to other current assets in 2011 consolidated financial 

statements, net acquisition cost reflected in the consolidated statement of cash flow as of December 31, 2012 

is amounting to TL 210.370. After the completion of the share purchase transaction, Al Waha was 

consolidated by using the full consolidation method as of December 31, 2012. 

CCI’s indirect share in CCBL increased from 30.00% to 100.00% by the purchase of 100.00% shares of SSG 

Investment Limited (SSG) and 50.00% share of CCBI in March 2011. After the completion of these share 

purchase transactions, SSG, CCBI and CCBIL were consolidated by using the full consolidation method. CCI 

recorded the difference between the net asset value calculated from the financial statements of SSG, CCBI 

and CCBIL based on fair value accounting and the acquisition cost amounting to TL 14.691 as positive 

goodwill in the consolidated balance sheet as of the acquisition date in accordance with IFRS 3 “Business 

Combinations”. 

In accordance with the change in scope of consolidation, TL 5.884 fair value increase occurred from the fair 

value financial statements of CCBIL was reflected to books for the 30% shares formerly owned by CCI and 

separately disclosed under other income in the consolidated income statement as December 31, 2011 in 

accordance with IFRS 3 “Business Combinations”. 



NEWSRELEASE 

Accounting Principles 

As of December 31, 2012, the list of CCI’s subsidiaries and joint ventures are as follows: 

Subsidiaries and Joint Ventures Country Consolidation Method 

Coca-Cola Satış ve Dağıtım A.Ş. Turkey Full Consolidation 

Mahmudiye Kaynak Suyu Limited Şirketi Turkey Full Consolidation 

J.V. Coca-Cola Almaty Bottlers LLP Kazakhstan Full Consolidation 

Azerbaijan Coca-Cola Bottlers LLC Azerbaijan Full Consolidation 

Coca-Cola Bishkek Bottlers Closed J. S. Co. Kyrgyzstan Full Consolidation 

CCI International Holland B.V. Holland Full Consolidation 

Tonus Turkish-Kazakh Joint Venture Limited 

Kazakhstan 

Full Consolidation 

Liability Partnership 

The Coca-Cola Bottling Company of Jordan Ltd. Jordan Full Consolidation 

Efes Sınai Dış Ticaret A.Ş. Turkey Full Consolidation 

Turkmenistan Coca-Cola Bottlers Turkmenistan Full Consolidation 

CC for Beverage Industry Limited Iraq Full Consolidation 

Waha Beverages B.V. 

Holland 


Coca-Cola Beverages Tajikistan LLC 

Tajikistan 


Irak 


Al Waha for Soft Drinks, Juices, Mineral Water, 

Plastics, and Plastic Caps Production LLC (Al Waha) 

Syrian Soft Drink Sales and Distribution LLC Syria Proportionate Consolidation 

Coca-Cola Beverages Pakistan Ltd. Pakistan Proportionate Consolidation 



NEWSRELEASE 

Webcast 

CCI will host a webcast to discuss the 2012 results on March 18, 2013, at 13.30, London time (15.30, 

İstanbul time and 9.30, New York time). A copy of the conference call presentation can be accessed through 

our web site “www.cci.com.tr”. Interested parties can access the live webcast and also view slides of the call 

through: 

Click here to access webcast 

Dial in numbers 

UK: +44 (0) 1452 555 566 

US: +1 631 510 7498 

Confirmation Code: 17776898 

Company Profile 

Coca-Cola İçecek (CCI) is the 6th largest bottler in the Coca-Cola System in terms of sales volume. CCI’s 

core business is to produce, sell and distribute sparkling and still beverages of The Coca-Cola Company 

(TCCC). CCI employs more than 10,000 people and has operations in Turkey, Pakistan, Kazakhstan, 

Azerbaijan, Kyrgyzstan, Turkmenistan, Tajikistan, Jordan and Iraq. 

CCI has a total of 22 plants and offers a wide range of beverages to a consumer base of over 360 million 

people. In addition to sparkling beverages, the product portfolio includes juices, waters, sports and energy 

drinks, tea and iced teas. 

CCI’s shares are traded on the Istanbul Stock Exchange under the CCOLA.IS ticker. 

Reuters 

Bloomberg 

CCOLA.IS 

CCOLA TI 

Contacts 

Dr. Deniz Can Yücel 

IR Manager 

Tel: +90 216 528 3386 

deniz.yucel@cci.com.tr 

Orhun Köstem 

CFO 

Tel: +90 216 528 4432 

orhun.kostem@cci.com.tr 



NEWSRELEASE 

Special Note Regarding Forward-Looking Statements 

This presentation includes forward-looking statements including, but not limited to, statements regarding 

Coca-Cola İçecek’s (CCI) plans, objectives, expectations and intentions and other statements that are not 

historical facts. Forward-looking statements can generally be identified by the use of words such as “may,” 

“will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “target,” “believe” or other words of similar meaning. 

These forward-looking statements reflect the current views and assumptions of management and are 

inherently subject to significant business, economic and other risks and uncertainties. Although management 

believes the expectations reflected in the forward-looking statements are reasonable, at this time, you should 

not place undue reliance on such forward-looking statements. Important factors that could cause actual 

results to differ materially from CCI’s expectations include, without limitation: changes in CCI’s relationship 

with The Coca-Cola Company and its exercise of its rights under our bottler's agreements; CCI’s ability to 

maintain and improve its competitive position in its markets; CCI’s ability to obtain raw materials and 

packaging materials at reasonable prices; changes in CCI’s relationship with its significant shareholders; the 

level of demand for its products in its markets; fluctuations in the value of the Turkish Lira or the level of 

inflation in Turkey; other changes in the political or economic environment in Turkey or CCI’s other markets; 

adverse weather conditions during the summer months; changes in the level of tourism in Turkey; CCI’s 

ability to successfully implement its strategy; and other factors. Should any of these risks and uncertainties 

materialize, or should any of management’s underlying assumptions prove to be incorrect, CCI’s actual 

results from operations or financial conditions could differ materially from those described herein as 

anticipated, believed, estimated or expected. Forward-looking statements speak only as of the date of this 

press release and CCI has no obligation to update those statements to reflect changes that may occur after 

that date. 



NEWSRELEASE 

CCI – Consolidated IFRS Income Statement as per regulations of the CMB 

Jan. 1 - Jan. 1 - Oct. 1 - Oct. 1 - 

(TL million) 

Dec. 31, 2012 Dec. 31, 2011 Change% Dec. 31, 2012 Dec. 31, 2011 Change% 

(audited) 

(unaudited) 

Sales Volume (million uc) 850.5 761.7 11.7% 173.8 140.6 23.6% 

Net Sales 4,132.4 3,408.6 21.2% 844.9 670.5 26.0% 

Cost of Sales (2,543.9) (2,145.8) 18.6% (538.8) (415.4) 29.7% 

Gross Profit 1,588.5 1,262.8 25.8% 306.1 255.1 20.0% 

Operating Expenses (net) (1,113.1) (939.9) 18.4% (285.5) (239.2) 19.3% 

Other Income/(Expense) (net) (1.2) 5.4 n.m. (3.4) (0.0) n.m. 

EBIT 474.2 328.3 44.4% 17.1 15.9 7.7% 

Financial Income/(Expense) (net) 8.4 (144.9) n.m. (6.3) (19.0) (67.1%) 

Income Before Minority Interest 

& Tax 482.5 183.4 163.2% 10.8 (3.2) n.m. 

Income Taxes (97.6) (41.9) 133.0% (9.6) (2.1) 367.7% 

Income Before Minority Interest 384.9 141.5 172.1% 1.2 (5.2) n.m. 

Minority interest (4.8) (1.2) n.m. (0.3) (0.8) (67.1%) 

Net Income/(Loss) 380.1 140.3 171.0% 0.9 (6.0) n.m. 

EBITDA 685.5 486.9 40.8% 75.0 58.4 28.5% 

CCI – Consolidated IFRS Balance Sheet as per regulations of the CMB 

(TL million) 

Dec. 31, 2012 Dec. 31, 2011 (TL million) Dec. 31, 2012 Dec. 31, 2011 

(audited) (audited) (audited) (audited) 

Cash & Cash Equivalents 489.9 522.2 ST Borrow ings 229.3 125.4 

Investments in Securities 118.0 3.8 Trade Payables 184.4 185.9 

Trade Receivables 297.5 264.6 Due to Related Parties 103.0 89.4 

Due from Related Parties 9.5 19.6 Other Payables 130.8 92.5 

Inventories 319.0 268.2 Provision for Corporate Tax 2.4 1.4 

Other Receivables 13.4 13.2 Provision for Employee Benefits 21.9 14.7 

Other Current Assets 311.3 328.3 Other liabilities 20.7 16.9 

Total Current Assets 1,558.8 1,419.9 Total Current Liabilities 692.6 526.1 

Property, Plant and Equipment 1,927.5 1,707.2 LT Borrow ings 1,447.6 1,508.6 

Intangible Assets (including goodw ill) 721.3 593.7 Provision for Employee Benefits 32.8 30.2 

Deferred Tax Assets 0.6 1.9 Deferred Tax Liability 58.5 52.6 

Other receivables and non-current assets 58.2 65.0 Other Non-Current Liabilities 120.8 0.0 

Total Non-Current Assets 2,707.7 2,367.7 Total Non-Current Liabilities 1,659.7 1,591.4 

Minority Interest 24.7 20.1 

TOTAL ASSETS 4,266.4 3,787.6 

Shareholders Equity 1,889.4 1,650.0 

TOTAL LIABILITIES AND 

SHAREHOLDER’S EQUITY 4,266.4 3,787.6 



NEWSRELEASE 

Turkey Operation – IFRS Income Statement as per regulations of the CMB 

(TL million) 

Jan. 1- Dec. 

31, 2012 

Jan. 1- Dec. 

31, 2011 Change % 

(audited) 

International Operations – IFRS Income Statement as per regulations of the CMB 

(US$ million) 

Jan. 1- Dec. 

31, 2012 

Jan. 1- Dec. 

31, 2011 Change % 

(audited) 

Oct. 1- Dec. 

31, 2012 

(unaudited) 

Oct. 1- Dec. 

31, 2012 

Oct. 1- Dec. 

31, 2011 

(unaudited) 

Oct. 1- Dec. 

31, 2011 

Change % 

Sales Volume 

(million uc) 568.5 546.8 4.0% 108.9 96.9 12.5% 

Net Sales 2,757.6 2,472.8 11.5% 535.8 446.3 20.0% 

Cost of Sales (1,604.6) (1,476.1) 8.7% (317.5) (245.0) 29.6% 

Gross Profit 1,152.9 996.7 15.7% 218.2 201.3 8.4% 

Operating Expenses (net) (852.5) (752.3) 13.3% (212.3) (195.1) 8.9% 

Other Income/(Expense) (net) 10.8 23.5 (54.3%) (2.1) 18.9 n.m. 

EBIT 311.2 267.9 16.2% 3.8 25.1 (85.0%) 

EBITDA 434.7 362.6 19.9% 35.9 47.5 (24.3%) 

Change % 

Sales Volume 

(million uc) 282.0 215.0 31.2% 64.9 43.7 48.3% 

Net Sales 770.6 576.2 33.7% 173.2 120.9 43.3% 

Cost of Sales (528.0) (417.1) 26.6% (124.1) (93.0) 33.4% 

Gross Profit 242.7 159.2 52.4% 49.2 27.9 76.2% 

Operating Expenses (net) (150.4) (115.4) 30.3% (42.0) (24.2) 73.5% 

Other Income/(Expense) (net) 1.8 1.6 8.7% 0.4 (1.5) n.m. 

EBIT 94.0 45.4 107.1% 7.6 2.2 241.4% 

EBITDA 143.4 83.9 70.8% 22.1 13.4 65.3% 

Financial statements with footnotes are available on our web site at 

http://www.cci.com.tr/en/investor-relations/financial-information/financial-results/

Earnings Release - Coca Cola İçecek

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