İş Yatırım Bodrum Conference June 7, 2013
Business Overview & Strategy 1Q13 Operational Review 1Q13 Financial Review Going Forward Appendix
We are … Operating in one of the world’s most dynamic and exciting markets 2004-2012 CAGR: Sales volume: 15% Net Sales: 19% EBITDA: 22% A gateway to Turkey, Pakistan, Central Shareholder Structure Asia and Middle East Serving more than 360 million of people; 60% of our population is below 30 years of age 2012 volume growth of 12% (1) Anadolu Efes and its fully-owned subsidiaries 3 (2) TCCC and its fully-owned subsidiaries (3) Listed on Borsa Istanbul
… capitalizing on favorable demand and demographic drivers … Per Cap Consumption in Liters (2012) Median Age CCI territory total population: over 360 million 4 Source: CCI and United Nations
… allowing us to expand succesfully … # of Countries 318 mn UC 850 mn UC 10 S.Iraq - 2012 1 Pakistan - 2008 2004 2012 Syria - 2007 Population Served N. Iraq - 2006 (mn) 360 71 275 mn UC 2004 2012 Operating Plants 22 5 5 2004 2005 2012 2004 2012
…diversifying across geographies and categories . Revenue Split Volume split (uc) - Geography Int'l Int'l 33% 33% Turkey Turkey 67% 67% 2005 2012 2005 2012 Volume split (uc) - Category EBITDA Split Tea Int'l 8% 15% Int'l Still 37% 22% Sparkling 70% Turkey Turkey 63% 85% 2005 2012 2005 2012 6
Our operating model entails … Management of diversity Local relevance Empowerment Local accountability Leverage technology for customer service 7 7
…so that we inspire consumers, customers and people … Consumers F ulfillment I nnovation Customers R elationship S erve T rust HIGH-PERFORMANCE People EMPOWERMENT 8 ALIGNMENT 2012 2020
… and enjoy strong positions in key markets. Turkey * Pakistan Kazakhstan Azerbaijan 67% 29% 42% 59% #1 #2 #1 #1 25% 2% 19% 13% #1 #8 #1 #2 7% 10% 8% 50% #3 #3 #3 #1 Source: Nielsen 9 * Market share numbers are restated due to a change in forecasting universe
Business Overview & Strategy 1Q13 Operational Review 1Q13 Financial Review Going Forward Appendix
1Q13 Review Double digit volume and revenue growth Net revenue per case up 4% Favorable cost environment Improved operating margins
Volume up by 20% in 1Q13 Turkey Volume International Volume Consolidated Volume (Unit cases in millions ) (Unit cases in millions ) (Unit cases in millions ) 108.0 116.1 197.7 165.0 81.7 57.0 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 12
1Q13 Sales Volume Breakdown Volume split (uc) - Volume split (uc) - Geography Category 1Q13 1Q13 Tea 11% Still Turkey 22% Int. 59% 41% Sparkling 67% 13
Turkey Product introductions Coca-Cola, Coca-Cola Light, Coca-Cola Zero, Fanta, Sprite, Can 250 ml Strong sparkling category growth Cappy Pulpy Coke Zero re-launch Coca-Cola Zero Sprite 1.5lt Lemonade, 1lt 1.75lt New launches addressing IC Promotions consumption 14
International Operations introductions Product Strong local marketing Jordan Central Asia Kazakhstan Coca-Cola Can 355 Bonaqua Pet 500ml,1 L,1.5L +%37% ml campaigns Increased market penetration Coke studio now in Iraq and Jordan Promotions Pakistan +17%
International Operations International Volume Split 1Q13 Kazakhstan 20% Kyrgyzstan Kazakhstan 3% +%37% Azerbaijan Pakistan 6% 40% Azerbaijan +27% Turkmenistan 5% Jordan 3% Syria Iraq Iraq 0% +215% Tajikistan 22% 0% Pakistan +17% 16
Business Overview & Strategy 1Q13 Operational Review 1Q13 Financial Review Going Forward Appendix
Net sales up by 25% in 1Q13 International Net Sales Consolidated Net Sales Turkey Net Sales (US$ in millions) (TL in millions) (TL in millions) 917. 3 553.2 476.6 205.0 736.6 146.6 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 18
EBITDA (Excl. other) up by 55.4% in 1Q13 - Proforma Turkey EBITDA Turkey EBITDA International EBITDA Consolidated EBITDA (TL in millions) (US$ in millions) (TL in millions) 13.6% 12.5% 13.2% * * 13.9% 11.1% * 4.1% 127.1 27.1 75.4 59.7 81.8 5.9 1Q12 1Q13 1Q12 1Q13 1Q12 1Q13 *EBITDA Margin 19
Financial Expenses - Proforma 1Q13 1Q12 Interest income 7.9 9.1 Interest expense (-) (19.5) (16.0) 1.0 (23.1) Foreign exchange gain / (loss) Unrealized FX gain / (loss) - Borrowings (12.1) 60.7 (0) Gain / (loss) on derivative transactions (0) Financial Income / (Expense) Net (21.7) 29.5 *mn TL 20
Debt Structure - Proforma 1Q13 FY12 Change % USD denominated* 852 871 2% 46 51 EURO denominated* -7% 35 34 -4% TL denominated Other (in USD terms) 87 84 4% Total Financial Debt in TL 1,875 1,822 3% Total Cash & Equivalent in TL 512 608 (16%) Net Debt in TL 1,363 1,215 12% Net Debt in US$ 681 754 11% Maturity Date 2013 2014 2015 2016 % of total long term debt 5% 90% 0% 4% 21 *In original currency
Business Overview & Strategy 1Q13 Operational Review 1Q13 Financial Review Going Forward Appendix
Going Forward Accelerate revenue and margins in International, focus on Iraq and Pakistan Grow the sparkling category and per caps in Turkey Improve Balance Sheet health every year Continue to build and enhance our reputation Build a world class organization EBITDA Growth>Net Revenue Growth>Volume Growth 23
2013 Guidance Consolidated volume is to grow Turkey volume up at mid to high single digit growth Int’l volume up at mid to high teens (organic basis) Net revenue growth > volume growth EBITDA growth ≥ Net revenue growth 24
Appendix Financial Statements 2012 Financial Leverage 2012 Corporate Structure Country Data Building a Sustainable Growth Business Turkey AFB Market Tea Market Segments in Turkey Trade Structure in Turkey
Introduction to Financial Statements Basis of Preparation Consolidated / TL/$ TL/$ International Turkey Year-End Average Functional December 31, December 31, TL USD Currency 2012 2012 1.7826 1.7922 Reporting December 31, December 31, TL USD Currency 2011 1.8889 2011 1.6708 ∆ ∆ -5.6% 7.3% Presentation Accounting standard is IFRS as per regulations of the Capital Markets Board of Turkey (CMB). Annual ∆ Inflation The Group’s interest in joint ventures is accounted by way of proportionate consolidation. December 31, 2012 6.16% The functional currency of CCBPL is Pakistan Rupee (PKR). Definitions Net Sales – Net of discounts and special consumption tax for Turkish operation EBITDA = EBIT + Amortization & Depreciation + Relevant Non Cash Expenses including Provision for Employee Benefits - Relevant Non-cash income including Negative Goodwill 26
Income Statement - Consolidated (TL mn) 2012 2011 Change % Volume (m/uc) 850.5 761.7 11.7% Net Sales 4,132.4 3,408.6 21.2% COGS (2,543.9) (2,145.8) 18.6% Gross Profit 1,588.5 1,262.8 25.8% OPEX (1,113.1) (939.9) 18.4% Other Inc/Exp (Net) (1.2) 5.4 (121.8%) EBIT 474.2 328.3 44.4% EBIT (exc. other) 475.4 322.9 47.2% Income Before Minority Int. & Tax 482.5 183.4 163.2% Minority Interest (4.8) (1.2) 302.9% Income Tax (97.6) (41.9) 133.0% Net Income/(Loss) 380.1 140.3 171.0% EBITDA 685.5 486.9 40.8% EBITDA (exc. other) 682.6 484.8 40.8% Gross Margin 38.4% 37.0% 11.5% 9.6% EBIT Margin 11.5% 9.5% EBIT Margin (exc. other) 16.6% 14.3% EBITDA Margin 16.5% 14.2% EBITDA Margin (exc. other) 27
Income Statement - Turkey (TL mn) 2012 2011 Change % Volume (m/uc) 568.5 546.8 4.0% Net Sales 2,757.6 2,472.8 11.5% COGS (1,604.6) (1,476.1) 8.7% Gross Profit 1,152.9 996.7 15.7% OPEX (852.5) (752.2) 13.3% Other Inc/Exp (Net) 10.8 23.5 (54.3%) EBIT 311.2 267.9 16.2% EBIT (exc. other) 300.4 244.4 22.9% Income Before Minority Int. & Tax 350.2 141.6 147.3% Minority Interest - - Income Tax (65.1) (21.8) (198.2%) Net Income/(Loss) 285.1 119.8 138.0% EBITDA 434.7 362.6 19.9% EBITDA (exc. other) 423.4 340.8 24.3% Gross Margin 41.8% 40.3% 11.3% 10.8% EBIT Margin 10.9% 9.9% EBIT Margin (exc. other) 15.8% 14.7% EBITDA Margin 15.4% 13.8% EBITDA Margin (exc. other) 28
Income Statement - International (USD mn) 2012 2011 Change % Volume (m/uc) 282.0 215.0 31.2% Net Sales 770.6 576.2 33.7% COGS (528.0) (417.1) 26.6% Gross Profit 242.7 159.2 52.4% OPEX (150.4) (115.4) 30.3% Other Inc/Exp (Net) 1.8 1.6 8.7% EBIT 94.0 45.4 107.1% EBIT (exc. other) 92.2 43.8 110.7% Income Before Minority Int. & Tax 77.0 33.5 130.0% Minority Interest (3.3) (0.7 ) n.m Income Tax (17.5) (10.6) 65.8% Net Income/(Loss) 56.1 22.2 152.9% EBITDA 143.4 83.9 70.8% EBITDA (exc. other) 139.7 83.4 67.4% Gross Margin 31.5% 27.6% 12.2% 7.9% EBIT Margin 12.0% 7.6% EBIT Margin (exc. other) 18.6% 14.6% EBITDA Margin 18.1% 14.5% EBITDA Margin (exc. other) 29
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