Earnings Release - Coca Cola İçecek

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FOR IMMEDIATE DISTRIBUTION NEWSRELEASE Operational Review by Segments Turkey Operations Sales Volume (mn uc) 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 Excluding net other operating items, operating expenses as a 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 * EBITDA Margin 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 6
FOR IMMEDIATE DISTRIBUTION NEWSRELEASE International Operations Sales Volume (mn uc) 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%. Excluding net other operating items, operating expenses as a 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 * EBITDA Margin 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 7
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Earnings Release - Coca Cola İçecek

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