Coca-cola Icecek A.s. · BIST:CCOLA
Coca-cola Icecek A.s — FY2009 Earnings Presentation
23 slides from Coca-cola Icecek A.s's earnings presentation, Mar 30, 2010
Slide 1: 2009 Results
2009 Results March 30, 2010 Istanbul Michael A. O’Neill – CEO N. Orhun Köstem – CFO
Slide 2: Forward-Looking Statements
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
Slide 3: 2009 Review
2009 Review Delivered close to 590 million unit cases of sales volume Economic conditions put downward pressure on consumer spending Cost reduction measures partially offset the increase in raw materials Supply Chain efficiencies have utmost importance
Slide 4: Volume up by 10% in 2009
Volume up by 10% in 2009 Turkey Volume Turkey Volume International Volume Consolidated Volume (Unit cases in millions) (Unit cases in millions) (Unit cases in millions) 586.5 438.9 533.4 420.8 147.6 113.0 2008 2009 2008 2009 2008 2009 Consolidated up by 4.4% to 109.8 million 4Q09 Turkey up by 4.4% t
Slide 5: Sales Volume Breakdown
Sales Volume Breakdown Volume split (uc) - Geography Volume split of International Operations (uc) - By Country Pakistan Jordan 36% 75% 9% Turkmenistan Syria 2% 4% International Iraq 3% Turkey 18% 23% 25% 5% Azerbaijan Kazakhstan Kyrgyzstan Volume split (uc) – Consolidated Still Beverages 26% Sparkl
Slide 6: Net sales up by 6.6% in 2009
Net sales up by 6.6% in 2009 Turkey Net Turkey Net Sales Sales International Net Sales Consolidated Net Sales (CMB - TL in millions) (CMB – US$ in millions) (CMB - TL in millions) Turkey Volume 1Q08 2,407.5 1,868.2 2,258.1 1,857.3 350.0 311.2 2008 2009 2008 2009 2008 2009 Consolidated down by 1.5% t
Slide 7: EBITDA down by 1.8% in 2009
EBITDA down by 1.8% in 2009 Turkey Net Turkey Sales EBITDA International EBITDA Consolidated EBITDA (CMB - TL in millions) (CMB – US$ in millions) (CMB - TL in millions) Turkey Volume 375.3 368.7 323.8 296.6 47.1 39.2 17.4% 15.9% 12.6% 13.5% 16.6% 15.3% 2008 2009 2008 2009 2008 2009 Consolidated up
Slide 8: Turkey
Turkey Shrinking economy and increasing unemployment rate put pressure on consumer off-take Strong growth of still beverages and NRTD tea sales offset the slight decline in sparkling beverages Sales promotions and higher discounts were utilized to stimulate consumer demand
Slide 9: Product Innovations in 2009 - Turkey
Product Innovations in 2009 - Turkey Cappy Yellow-mix, Cappy Cappy 100% Cappy Mixx Red-mix Lemonade Range extension Nestea Cool Schweppes Plain PET 1L 250ml and 1L Doğadan Earl Grey teapot and teabag, Echinacea, Peach- Powerade apricot, Green tea with strawberry and grape seed-plum PET 330 ml packag
Slide 10: International Operations
International Operations International Operations’ share in total sales volume reached 25% Pakistan delivered double digit volume growth Affordability was the center of focus in Central Asia Iraq posted volume growth despite the challenging environment in the Middle East Turkmenistan was started to
Slide 11: Product Innovations in 2009 - International
Product Innovations in 2009 - International Minute Maid Splash Branded Lemon Coca-Cola OWB 200ml and PET 1.5L, Fanta Apple, Juice - Pakistan Nestea 500ml, Piko PET 0.5L - Kazakhstan Nestea PET 500ml and Fanta Cappy Citrus Mix, Nestea Can 330ml, Fanta Apple - Kyrgyzstan Apple and BonAqua Flavored - A
Slide 12: Market Share - Sparkling Beverages
Market Share - Sparkling Beverages 2009 2008 Market Market Position Position Share Share 68.2% #1 68.7% #1 27.8% #2 26.3% #2 Source: Nielsen, (1) Nielsen Database Adjustment (2) CCI Estimate (3) MEMRB 34.2% #1 36.6% #1 52.6% #1 54.1% #1 n.a. #1 n.a. #1 13.3% #2 14.2% #2 10.5% #2 9.4% #3
Slide 13: Market Share - Still Beverages
Market Share - Still Beverages 2009 2008 Fruit Juices & Fruit Juices & Water Water Nectars Nectars Market Market Market Market Position Position Position Position Share Share Share Share 8.5% #3 29.3% #1 8.3% #3 27.4% #1 7.6% #3 1.6% #8 5.6% #3 0.9% #9 4.6% #4 8.0% #3 3.6% #5 7.8% #3 48.9% #1 4.9% #
Slide 14: Recent Developments
Recent Developments Organizational Change: Middle East and Central Asia Regions have been merged into International Operations CCI secures 360 million USD funding
Slide 15: Financial Review
Financial Review N. Orhun Köstem CFO
Slide 16: Introduction to Financial Statements
Introduction to Financial Statements Basis of Preparation Consolidated / TL/$ Year- TL/$ International* Turkey End Average Functional TL USD December December Currency 31, 2009 1,5057 31, 2009 1,5457 Reporting December December TL USD Currency 31, 2008 1,5123 31, 2008 1,2976 ∆ 0% ∆ 19% Net Sales –
Slide 17: Key Financials - Consolidated
Key Financials - Consolidated (TL million) 12M09 12M08 Change % 4Q09 4Q08 Change % Volume (m/uc) 586.5 533.4 10.0% 109.8 105.2 4.4% Net Sales 2,407.5 2,258.1 6.6% 423.8 430.1 (1.5%) Gross Profit 868.7 911.4 (4.7%) 136.7 147.6 (7.4%) EBIT 236.5 259.6 (8.9%) 0.0 (11.5) n.m. EBITDA 368.7 375.3 (1.8%) 2
Slide 18: Financial Expenses
Financial Expenses Financial Income / (Expense) Breakdown 2009 2008 (TL million) Interest income 25.3 13.8 Interest expense (-) (36.0) (47.5) Foreign exchange gain / (loss) (10.4) 24.0 Realized FX gain / (loss) - Borrowings (0.1) (19.6) Unrealized FX gain / (loss) - Borrowings 1.3 (129.3) Gain / (lo
Slide 19: Balance Sheet
Balance Sheet (TL million) December 31, December 31, December 31, December 31, Liabilities & Equity Assets 2009 2008 2009 2008 Cash & cash Short-term debt 584.6 254.3 903.6 142.2 equivalents Accounts rec.& due Accounts payable & due to 245.6 202.8 123.5 157.3 from related parties related parties Pro
Slide 20: Debt Structure
Debt Structure Million FY09 FY08 ∆ USD denominated* 593 569 24 EURO denominated* 66 66 0 TL denominated 217 2 215 Other (in TL terms) 34 24 10 Total Financial Debt in TL 1.289 1.029 260 Total Cash & Equivalent in TL 585 254 331 Net Debt in TL 704 775 -71 Net Debt in US$ 468 512 -44 Maturity Date 201
Slide 21: Financial Leverage and FCF
Financial Leverage and FCF Turkey Net Volume Debt/EBITDA Capex/Net Sales FCF (Excluding – acquisitions) (TL million) 2.06x 1.91x 13.4% 5.4% 47.7 2008 2009 2008 2009 2008 2009 (100.8)
Slide 22: Closing Remarks
Closing Remarks Michael A. O’Neill CEO
Slide 23: Thank You
Thank You Coca-Cola Icecek Investor Relations Tel: +90 216 528 3386 Fax: +90 216 365 8457 [email protected] www.cci.com.tr