Embotelladora Andina SA · BCS:ANDINA_A
Embotelladora Andina SA — 4Q13 Earnings Presentation
34 slides from Embotelladora Andina SA's earnings presentation, 2014
Slide 1: 4Q13 Corporate Presentation
4Q13 Corporate Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements made in this presentation that could relate to Andina’s future performance or financial results are forward-looking statements and are based upon currently available data; however, actual results are subject to numerous uncertainties, many of which are beyond th
Slide 3: History
History Merger with KO Polar (incorporation of new territories in Argentina, Coca-Cola System Chile & Paraguay). Andina Andina listed on joint venture (50/50) Andina buys 40% becomes the the NYSE. for the water and stake in Sorocaba Coca-Cola Franchise TCCC acquires juice business in Refrescos. bott
Slide 4: Ownership
Ownership (December 31, 2013) Controlling Group 50.5% 55.7% 45.3% Series A Series B Others 24.8% Coca-Cola 14.7% ADRs 6.6% Chilean Pension Funds 3.4% The Controlling Group is composed of 5 Chilean families with equal parts, that have a shareholders’ agreement which includes TCCC. Series A elects 12
Slide 5: Summary
Summary (December 31, 2013) Ciudad del Este, Asunción, Coronel Oviedo, Rio de Janeiro & Espirito Santo Encarnación Extension: 165 thousand Km2 Extension: 407 thousand Km2 Population: 22 million Population: 6.8 million Total volume: 242.6 million UCs (AKO FY+Ipiranga 4Q) Total volume: 61.2 million UC
Slide 6: Regional Diversification
Regional Diversification (December 31, 2013) As Reported: AKO FY13+IPIRANGA4Q13 Argentina 29% Argentina 29% Argentina 20% Brazil 32% Brazil 32% Brazil 30% Chile 31% Chile 31% Chile 40% Paraguay 8% Paraguay 8% Paraguay 10% Total Volume Total Revenues EBITDA 763 million unit 3.1 billion USD 514 millio
Slide 7: Argentina
Argentina In Argentina the Company has a License Agreement with The Coca-Cola Company for the sale of concentrates and beverage basis for certain Coca-Cola soft drinks and non-soft drink beverages. In accordance with the agreement we have the right to produce and distribute Coca-Cola soft drinks in
Slide 8: Argentina
Argentina We operate 3 production facilities, 1 located in Córdoba with 10 lines and an average utilization capacity during 2013 of 54.3%; 1 located in Bahía Blanca (Province of Buenos Aires) with 4 lines Santa Fe and an average utilization capacity during 2013 of 53.5%; 1 located in Trelew (Provinc
Slide 9: Argentina
Argentina Market Structure Format Mix – Soft Drinks Market Share Soft drink 60.2% Non-Returnables 55% Juices & Others 20.1% Returnables 45% Multi Serving 91% Post Mix 1% Waters 12.1% Single Serving 9% Volume Mix Channel Mix – Soft Drinks Per Capita Consumption (8 oz. bottles) Mom & Pops 45% Total 38
Slide 10: Argentina
Argentina Brand Portfolio S oft drinks Juices & Others Waters 10
Slide 11: Argentina
Argentina Volume Growth* (MUCs) 224.4 167.0 Total Volume 138.3 CAGR 13.2% 120.9 125.2 2009 2010 2011 2012 2013 Soft Drinks CAGR 11.2% Juices and Others CAGR 35.8% Waters CAGR 60.3% 11 * Figures as reported each year. Consolidation with Embotelladoras Coca-Cola Polar is effective as of 4Q12
Slide 12: Argentina
Argentina Financial Highlights (Nominal MUSD) IFRS 2009 2010 2011 2011 P 2012 2012P 2013 Sales Volume (MUC) 120.9 125.2 138.4 151.3 167.0 199.5 224.4 Net Sales 311.8 363.2 479.9 549.3 648.4 815.1 890.5 Operating Income 41.5 46.0 53.6 62.5 66.0 66.5 71.6 Operating Margin 13.3% 12.7% 11.2% 11.4% 10.2%
Slide 13: Brazil
Brazil In Brazil the Company has a License Agreeement with The Coca-Cola Company for the sale of concentrates and beverage basis for certain Coca-Cola soft drinks and non-soft drink beverages. In accordance with the agreement we have the right to produce and distribute Coca-Cola soft drinks in our f
Slide 14: Brazil
Brazil We operate 3 production facilities located in Jacarepaguá in the State of Rio de Janeiro, in Vitoria in the State of Espírito Santo and in Riberão Preto in the State of São Paulo, with a total of 13 lines. Average utilization capacity for the year 2013 was 79%. The company has 6 Distribution
Slide 15: Brazil
Brazil Market Structure Format Mix – Soft Drinks Market Share1 Soft drinks 59.1% Non-Returnables 87% Returnables 11% Multi Serving 73% Juices & Others 48.2% Post Mix 2% Single Serving 27% Waters 12.5% Volume Mix1 Channel Mix – Soft Drinks Per Capita Consumption1 (8 oz. bottles) Supermarkets 32% Tota
Slide 16: Brazil
Brazil Brand Portfolio Beer Soft drinks Juices & Others Waters 16
Slide 17: Brazil
Brazil Volume Growth* (MUCs) 225.0 242.6 202.5 205.1 185.3 Total Volume CAGR 5,5% 2009 2010 2011 2012 2013 Soft Drinks CAGR 3.4% Juices and Others CAGR 20.1% Waters CAGR 19.0% 17 * Figures as reported each year. Consolidation with Ipiranga is effective as of 4Q13
Slide 18: Brazil
Brazil Financial Highlights (MUSD) IFRS 2009 2010 2011 2012 2012 P 2013 Sales Volume (MUC) 185.3 202.5 205.1 225.0 252.7 242.6 Net Sales 606.9 799.3 921.0 928.6 1,031.4 992.7 Operating Income 107.2 141.6 132.4 132.9 140.9 119.3 Operating Margin 17.7% 17.7% 14.4% 14.3% 13.7% 12.0% EBITDA 128.7 168.8
Slide 19: Chile
Chile In Chile the Company has a License Agreeement with The Coca-Cola Company for the sale of concentrates and beverage basis for certain Coca-Cola soft drinks and non-soft drink beverages. In accordance with the agreement we have the right to produce and distribute Coca-Cola soft drinks in our fra
Slide 20: Chile
Chile We operate 4 production facilities, 1 in Antofagasta with 5 lines; 1 in Coquimbo with 3 lines; 1 in Renca (Metropolitan Region) with 10 lines; and 1 in Punta Arenas with 2 lines. Average utilization capacity for 2013 was 48%, 33%, 73% Tocopilla Calama and 31% respectively. Antofagasta The comp
Slide 21: Chile
Chile Market Structure Format Mix – Soft Drinks Market Share Soft drinks 68% Returnables 54% Multi Serving 82% Waters 45% Non-Returnables 42% Single Serving 15% Juices & Others 35% Post Mix 3% Volume Mix Channel Mix – Soft Drinks Per Capita Consumption (8 oz. bottles) Total 550 Soft drinks 74% Mom &
Slide 22: Chile
Chile Brand Portfolio Soft drinks Juices & Others Waters 22
Slide 23: Chile
Chile Volume Growth* (MUCs) 234.7 185.4 Total Volume 161.5 157.8 CAGR 9.0% 152.4 2009 2010 2011 2012 2013 Soft Drinks CAGR 6.4% Juices and Others CAGR 13.2% Waters CAGR 29.9% 23 * Figures as reported each year. Consolidation with Embotelladoras Coca-Cola Polar is effective as of 4Q12
Slide 24: Chile
Chile Financial Highlights IFRS 2009 2010 2010P 2011 2011 P 2012 2012P 2013 Sales Volume (MUC) 152.4 161.5 152.6 158.0 174.7 185.4 233.1 234.7 Net Sales 488.1 579.5 553.3 630.2 700.8 770.8 978.4 964.5 Operating Income 96.3 112.6 109.3 116.1 119.7 118.6 135.6 134.5 Operating Margin 19.7% 19.4% 19.8%
Slide 25: Paraguay
Paraguay In Paraguay the Company has a License Agreement with The Coca-Cola Company for the sale of concentrates and beverage basis for certain Coca-Cola soft drinks and non-soft drink beverages. In accordance with the agreement we have the right to produce and distribute Coca-Cola soft drinks in ou
Slide 26: Paraguay
Paraguay We operate 1 production facility located in Asunción with a total of 8 lines for soft drinks, 2 tetra lines and 2 blowing lines. Average utilization capacity for the year 2013 was 77%. The company has 3 Distribution Centers for its products carried out through third party distributing compa
Slide 27: Paraguay
Paraguay Market Structure Format Mix – Soft Drinks Market Share Soft drinks 61% Non-Returnables 49% Multi Serving 83% Waters 57% Returnables 50% Single Serving 17% Juices & Others 37% Post Mix 1% Volume Mix Channel Mix – Soft Drinks Per Capita Consumption (8 oz. bottles) Mom & Pops 45% Total 214 Sof
Slide 28: Paraguay
Paraguay Brand Portfolio Soft drinks Juices & Others Waters 28
Slide 29: Paraguay
Paraguay Volume Growth* (MUCs) 63.4 61.2 60.2 55.2 48.6 Total Volume CAGR 4.7% 2009 2010 2011 2012 2013 Soft Drinks CAGR 2.8% Juices and Others CAGR 32.0% Waters CAGR 33.2% 29 *Paraguay was previously owned by Embotelladoras Coca-Cola Polar merged by absorption into Embotelladora Andina beginning 4Q
Slide 30: Paraguay
Paraguay Financial Highlights (Nominal MUSD) IFRS 2011 2012 2013 Sales Volume (MUC) 60.2 63.1 61.2 Net Sales 213.6 219.7 226.6 Operating Income 40.5 22.5 30.4 Operating Margin 19.0% 10.2% 13.4% EBITDA 51.1 36.9 51.5 EBITDA Margin 23.9% 16.8% 22.7% Capital Expenditures N/A N/A 34.8 CAPEX/Depreciation
Slide 31: Consolidated
Consolidated Financial Highlights (Nominal million USD) IFRS 2009 2010 2010P 2011 2011 P 2012 2012P 2013 Total Volume (MUCs) 458.6 489.2 480.3 501.5 549.1 596.2 748.7 763.0 Net Sales 1,404.6 1,742.0 1,715.8 2,031.1 2,238.5 2,410.5 3,038.0 3,071.1 Operating Income 237.9 292.5 289.2 294.3 324.2 317.0
Slide 32: Consolidated
Consolidated Balance Sheet (December 2013) (Million USD) Cash & Cash Equivalents 222 Current Financial Liabilities 164 Current Assets 656 Other Current Liabilities 603 Non current Assets + Others 2,872 Non-Current Financial Liabilities 1,145 Goodwill 221 Other Non-Current Liabilities 379 Total Equit
Slide 33: Dividends and Market Cap
Dividends and Market Cap (as of December 31, 2013) Dividend Distribution Market Cap (million USD) (billion USD) 5.31 146 146 139 129 3.85 101 3.42 2.99 2.36 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Total dividends paid out since 2000 = US$1.7 billion Dividend Yield 2009 2010 2011 2012 2013
Slide 34: Visit our Website
Visit our Website www.koandina.com 34