Embotelladora Andina SA · BCS:ANDINA_A
Embotelladora Andina SA — Investor Presentation (2010)
25 slides from Embotelladora Andina SA's investor presentation, 2010
Slide 1: AKO.A AKO.B
AKO.A AKO.B NYSE. NYSE.
Slide 2: Consolidated Overview
Consolidated Overview (December 2009) Ranked 7th Coca-Cola bottler in the world 452 MUCs 2.5 billion liters Revenues US$ 1.5 billion EBITDA US$ 317 million Market Capitalization (June 2010) US$ 2.6 billion Inhabitants 3 Franchises 37 million Direct Employees 6,225 people Distribution Fleet 1,336 tru
Slide 3: Ownership
Ownership (December 2009) Others 21.6% 52.6% • Series A Controlling 4Shareholders Chilean Families Chilean Pension 47.5% Funds 10.2% Coca-Cola 42.4% • Series B 11.0% ADRs 9.6% [3 ]
Slide 4: History
History 1946 Embotelladora Andina becomes the Coca-Cola bottler in Chile 1985 Inversiones Freire acquires control of the Company 1994 Andina listed on the NYSE 1994 Rio de Janeiro Refrescos is acquired in Brazil 1995 & 1996 Embotelladora del Atlántico is acquired in Argentina 1996 TCCC acquires 11%
Slide 5: Summary
Summary (December 2009) Rio de Janeiro & Espirito Santo Franchise inhabitants: 18.0 million Total volume: 185 MMUCs Employees: 2,524 Metropolitan Region, San Antonio & Cachapoal Franchise inhabitants: 7.5 million Mendoza, San Juan, San Luis, Córdoba, Total volume: 146 MMUCs Santa Fe & Entre Ríos Emp
Slide 6: Regional Diversification
Regional Diversification (December 2009) Volume Revenues EBITDA 452 million unit cases US$ 1.5 billion US$ 317 million Argentina Argentina Argentina Chile 17% 32% 21% Chile 27% 37% Chile 43% Brazil Brazil 40% Brazil 42% 41% [6 ]
Slide 7: Operations in Chile
Operations in 1 Soft Drinks Plant • 8 Lines 1 Juice Plant • 4 Lines 1 Water Plant • 2 Lines 6 Distribution Centers • 400 Trucks 1 Special Formats & Canning Plant • 2 Lines New Plant (under construction) • 9 Lines (2 new + 7 used) [7 ]
Slide 8: Market Structure
Market Structure Soft Drinks Market Market Share Per Capita Consumption (volume) 409 Total Clients 68.5% 8 oz bottles per year 46,244 Format Mix Channel Mix Post Mix Wholesales 8% 4% Single-Serving 18% On Premise 13% Non-Returnables 34% Multi-Serving Supermarkets Mom & Pops Returnables 62% 82% 21% 5
Slide 9: Brand Portfolio
Brand Portfolio Soft Drinks • 88% Sales Volume Juices • 7% Sales Volume Waters • 5% Sales Volume [9]
Slide 10: Volume Growth
Volume Growth (million unit cases) CAGR 2.0% CAGR 9.9% CAGR 10.7% 5 years 5 years 5 years 160 140 16.8 17.9 14.6 13.5 120 11.8 22.9 23.0 18.0 245 15.5 100 80 60 98.1 101.0 99.4 104.7 105.0 40 20 0 2005 2006 2007 2008 2009 Regular Soft Drinks Diet Soft Drinks Juices and Waters [10]
Slide 11: Financial Highlights
Operations in Financial Highlights (nominal million US$) As of June As of June 2005 2006 2007 2008 2009 2009 2010 Net Sales 405.2 403.9 482.6 424.4 537.1 219.7 263.6 Operating Income 100.0 97.1 114.7 91.0 109.6 42.3 47.3 Operating Margin 24.7% 24.0% 23.8% 21.4% 20.4% 19.3% 18.0% EBITDA 126.0 121.1 1
Slide 12: Operations in Brazil
Operations in 2 Soft Drinks Plants • 11 Lines 5 Distribution Centers • 641 Trucks [12]
Slide 13: Market Structure
Market Structure Soft Drinks Market Consumo per cápita Market Share Per Capita 232 Consumption Clients (Volume) Botellas232 8 oz anuales 57,139 57.5% 8 oz bottles per year Format Mix Channel Mix Post Mix Returnables 3% 14% Single-Serving Wholesales Mom & Pops 29% 24% 24% On Premise Non-Returnables M
Slide 14: Brand Portfolio
Brand Portfolio Soft Drinks • 94% Sales Volume Juices • 3% Sales Volume Waters • 1% Sales Volume Beers • 2% Sales Volume [14]
Slide 15: Volume Growth
Volume Growth (million unit cases) CAGR 5.3% CAGR 6.4% CAGR 14.2% 5 years 5 years 5 years 200 11.7 180 9.9 10.5 7.1 160 6.0 20.5 17.0 23.2 22.5 140 16.0 120 153.1 100 141.7 141.0 80 138.4 60 131.7 40 20 0 2005 2006 2007 2008 2009 Regular Soft Drinks Diet Soft Drinks Juices, Waters & Beer [15]
Slide 16: Financial Highlights
Operations in Financial Highlights (nominal million US$) As of June As of June 2005 2006 2007 2008 2009 2009 2010 Net Sales 317.1 411.2 543.4 582.5 615.1 254.1 376.1 Operating Income 40.0 64.3 96.6 96.5 112.4 38.8 70.1 Operating Margin 12.6% 15.6% 17.8% 16.6% 18.3% 15.3% 18.6% EBITDA 57.5 82.6 116.6
Slide 17: Operations in Argentina
Operations in 1 Soft Drinks Plant • 7 Lines 1 Juice Plant • 1 Line 10 Distribution Centers • 259 Trucks [17]
Slide 18: Market Structure in Argentina
Market Structure in Soft Drinks Market Market Share Per Capita Consumption Clients (Volume) 255 45,901 52.8% 8 oz botttles per year Format Mix Channel Mix Post Post Mix Single-Serving Mix 3% 10% 1% Wholesales 27% Returnables Non-Returnables On Premise Mom & Pops 50% 49% Multi-Serving 50% 7% 90% Supe
Slide 19: Brand Portfolio in Argentina
Brand Portfolio in Soft Drinks • 98% Sales Volume Juices • 1% Sales Volume Waters • 1% Sales Volume [19]
Slide 20: Volume Growth in Argentina
Volume Growth in (million unit cases) CAGR 4.3% CAGR 12.1% CAGR 10.8% 5 years 5 years 5 years 140 1.9 3.0 120 1.4 1.7 1.3 10.3 9.6 6.7 9.8 100 5.5 80 60 109.9 108.3 93.7 100.8 103.8 40 20 0 2005 2006 2007 2008 2009 Regular Soft Drinks Diet Soft Drinks Juices and Waters [20]
Slide 21: Financial Highlights
Operations in Financial Highlights (nominal million US$) As of June As of June 2005 2006 2007 2008 2009 2009 2010 Net Sales 197.0 210.3 252.1 321.7 315.7 153.6 163.8 Operating Income 21.3 21.6 26.2 34.8 42.3 18.1 18.4 Operating Margin 10.8% 10.3% 10.4% 10.8% 13.4% 11.8% 11.2% EBITDA 34.4 34.4 39.3 4
Slide 22: Consolidated Financial Highlights
Consolidated Financial Highlights (nominal million US$) As of June As of June 2005 2006 2007 2008 2009 2009 2010 Net Sales 909.8 1,018.0 1,271.6 1,322.9 1,465.4 625.4 803.5 Operating Income 152.0 178.8 232.2 217.8 256.5 96.5 131.4 Operating Margin 16.7% 17.6% 18.3% 16.5% 17.5% 15.4% 16.4% EBITDA 208
Slide 23: Consolidated Balance Sheet
Consolidated Balance Sheet(as of June 2010) MUS$ MUS$ Cash & Cash Equivalents 217 Current Liabilities 193 Current Assets 207 Short Term Debt 31 Property, Plant & Equipment + Others 625 Long Term Debt 129 Goodwill 117 Long Term Liabilities 122 Shareholders' Equity 691 Total Assets 1,166 Total Liabili
Slide 24: Dividend Distribution
Dividend Distribution (nominal million US$) 180 150 146 150 120 139 123 110 115 90 60 30 0 2005 2006 2007 2008 2009 2010 YTD Total dividends paid out since 2000 = US$1.2 billion Dividend Yield 2005 2006 2007 2008 2009 2010 Series A 7.8% 6.7% 7.6% 8.2% 5.7% 5.0% Series B 8.0% 6.8% 7.8% 7.4% 5.3% 4.4%
Slide 25: Visit our website
Visit our website www.embotelladoraandina.com [25]