1Q12 Results May 8, 2012 Istanbul Damian Paul ... - Coca Cola İçecek

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1Q12 Results May 8, 2012 Istanbul Damian Paul ... - Coca Cola İçecek

Forward-Looking StatementsThis presentation includes forward-looking statements including, but not limited to, statements regarding Coca-Colaİçecek’s (“CCI”) plans, objectives, expectations and intentions and other statements that are not historical facts. Forwardlookingstatements 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 thecurrent views and assumptions of management and are inherently subject to significant business, economic and other risksand uncertainties. Although management believes the expectations reflected in the forward-looking statements arereasonable, at this time, you should not place undue reliance on such forward-looking statements. Important factors thatcould cause actual results to differ materially from CCI’s expectations include, without limitation: changes in CCI’srelationship with The Coca-Cola Company and its exercise of its rights under our bottler's agreements; CCI’s ability tomaintain and improve its competitive position in its markets; CCI’s ability to obtain raw materials and packaging materialsat reasonable prices; changes in CCI’s relationship with its significant shareholders; the level of demand for its products inits markets; fluctuations in the value of the Turkish Lira or the level of inflation in Turkey; other changes in the political oreconomic environment in Turkey or CCI’s other markets; adverse weather conditions during the summer months; changesin the level of tourism in Turkey; CCI’s ability to successfully implement its strategy; and other factors. Should any of theserisks and uncertainties materialize, or should any of management’s underlying assumptions prove to be incorrect, CCI’sactual 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 noobligation to update those statements to reflect changes that may occur after that date.2


1Q12 ReviewDouble digit volume growth continuedStable input cost environmentSolid operating profit growthStrong Turkish Lira3


Volume up by 10.1% in 1Q12Turkey VolumeTurkey Volume International Volume Consolidated Volume(Unit cases in millions) (Unit cases in millions) (Unit cases in millions)105.5 108.042.9137.1150.831.51Q111Q121Q111Q121Q111Q124


1Q12 Sales Volume BreakdownVolume split (uc) - GeographyVolume split (uc) – ConsolidatedInt.28.4%Still24.4%Tea11.9%Turkey71.6% Sparkling63.7%5


TurkeySales volume increased despitethe high base of 1Q11New launches addressing localtaste demandAdverse weather conditionsSlowing economic growthFruit SherbetTurkeyCappySourcherry 1ltTurkeyCappyBlackmulberry 1ltTurkeyCappyFruitbeats 1ltTurkeyCappy Fruitbeats330 mlTurkey6


International OperationsAll key markets posted strong volume growth‣ Pakistan volume grew by 30%‣ Central Asia volumegrew over 30%‣ Northern Iraq volumewas up by 60%Volume split (uc) – Int’lPakistan32%Kazakhstan28%KyrgyzstanCoke Zero Pet 0.5L, 1LAzerbaijanBonaqua 1.5LSyria1%Iraq13%Kyrgyzstan4%Azerbaijan10%Turkmenistan7%Jordan5%7


Net sales up by 16.5% in 1Q12Turkey Net SalesTurkey Net Sales International Net Sales Consolidated Net Sales(TL in millions) (US$ in millions) (TL in millions)461.0476.6116.8587.3684.180.71Q111Q121Q111Q121Q111Q128


EBITDA up by 34.3% in 1Q12Turkey EBITDATurkey EBITDA International EBITDA Consolidated EBITDA(TL in millions) (US$ in millions) (TL in millions)13.0%*9.9%11.7%*10.5%*4.9%12.1%54.062.011.661.582.63.91Q111Q121Q111Q121Q111Q12*EBITDA Margin9


Recent DevelopmentsCCI’s 2011 financial year Ordinary General Assemblywill be held on May 21, 2012Subject to the approval of the General Assembly, agross dividend of TL 0.2360 will be paid per 100 shares,representing TL 1 nominal value, starting from May 25,201210


Financial ReviewN. Orhun KöstemCFO


Introduction to Financial StatementsBasis of PreparationConsolidated /TurkeyInternational*TL/$Year-EndTL/$AverageFunctionalCurrencyReportingCurrencyTLTLUSDUSDMarch 31,2012 1.7729December31, 2011 1.8889March 31,2012 1.7899March 31,2011 1.5706Presentation• Accounting standard is IFRS as per regulations of the Capital MarketsBoard of Turkey (CMB).• The Group’s interest in joint ventures is accounted by way of proportionateconsolidation.• The functional currency of CCBPL is Pakistan Rupee (PKR).∆ -6.1% ∆ 13.9%Inflation YOY YTDMarch 31,201210.43% 1.73%Definitions• Net Sales – Net of discounts and special consumption tax for Turkishoperation• EBITDA = EBIT + Amortization & Depreciation + Relevant Non CashExpenses including Provision for Employee Benefits - Relevant Noncashincome including Negative Goodwill12


Key Financials – Consolidated1Q11 1Q12 Change%Volume 137 151 10.1%Consolidated(TL million)Net Sales 587 684 16.5%EBITDA 62 83 34.3%EBITDA Margin 10.5% 12.1% 1.6 ppNet Income 14 49 248.0%Turkey(TL million)Volume 106 108 2.3%Net Sales 461 477 3.4%EBITDA 54 62 14.8%EBITDA Margin 11.7% 13.0% 1.3 ppInternational(US$ million)Volume 32 43 36.1%Net Sales 81 117 44.6%EBITDA 4 12 196.2%EBITDA Margin 4.9% 9.9% 5.0 pp13


Financial Expenses1Q111Q12Interest income12 8Interest expense (-)(13) (14)Foreign exchange gain / (loss)2 (23)Unrealized FX gain / (loss) - Borrowings(7) 61Gain / (loss) on derivative transactions(0) (0)Financial Income / (Expense) Net(6) 3214


Debt Structure1Q12 FY11 Change%USD denominated*EURO denominated*TL denominatedOther (in USD terms)Total Financial Debt in TL799 77347 4359 041 361,659 1,6343%9%n.m.12%2%Total Cash & Equivalent in TL499 526(5%)Net Debt in TL 1,160 1,1085%Net Debt in US$654 58712%Maturity Date% of total longterm debt2012 2013 2014 2015 20162% 2% 94% 2% 0%*In original currency15


Closing RemarksClosing RemarksDamian Paul GammellCEOMichael A. O’NeillCEO


Thank youCoca-Cola Icecek Investor RelationsTel: +90 216 528 3386Fax: +90 216 365 8457CCI-IR@cci.com.trwww.cci.com.tr

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