INTERIM REPORT as of September 30, 2011 - Coca Cola İçecek

12Turkey Operations Nine Month: Turkey Operation’s volume climbed by 12.8% to 449.9Sales Volume (mn uc)million unit cases in 9M11.398.9449.9The sparkling beverage category grew by mid-to-high single digit in9M11, mainly attributable to the channel and occasion based marketingactivities and promotions as well as new package launches.9M109M11Sales Revenue (TL mn)2,026.51,721.6Still beverages grew close to 30% in 9M11 on the back of over 30%growth in the water category and around 20% growth in the juicecategory assisted by the introduction of new packaging and flavorlaunches. The tea category maintained its growth trend with ca. 30% in9M11.In 9M11, net sales revenue reached TL 2.0 bn, an increase of 17.7%,whereas net sales per unit case was up by 4.3%.The cost of sales was up by 19.3%, slightly higher than the net salesgrowth, mostly due to rise in input costs. Accordingly, the gross margineased to 39.2% from 40.1%, whereas gross profit per unit case rose by2.2% to TL 1.77.9M10EBIT (TL mn)* 14.2%9M1112.0%Excluding net other operating items, operating expenses increased by23.2% mainly due to higher selling and distribution expenses. EBITwas flat at TL 242.7 mn, resulting in the EBIT margin declining by 2.2pp to 12.0%. EBITDA was down by 1.5%, while the EBITDA marginwas at 15.6% in 9M11 vs 18.6% in 9M10 due to relatively loweroperating profit and depreciation charges.243.9 242.79M109M11* EBIT MarginEBITDA (TL mn)*18.6%15.6%319.9 315.19M10* EBITDA Margin9M11