Coca-Cola Icecek A.S. · BIST:CCOLA
Coca-Cola Icecek A.S — 9M 2015 Earnings Presentation
20 slides from Coca-Cola Icecek A.S's earnings presentation, Nov 5, 2015
Slide 1: Nine Month 2015 Results
Nine Month 2015 Results November 5, 2015 Istanbul
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: Burak Başarır – CEO
BURAK BASARIR — CEO Cala Steech
Slide 4: Highlights
Highlights 3Q15 • Improved momentum both in Turkey and International operations, Turkey Volume Trend 5% in line with expectations • Expansion in Turkey EBITDA margin, driven by stronger pricing 1Q15 2Q15 3Q15 and effective opex and cost management -1% • Pakistan business back to double digit growth
Slide 5: Sparkling outperforms stills in 9M15
Sparkling outperforms stills in 9M15 Geography Split Category Split NRTD Tea; 7,9% NRTD Tea; 7,4% Water; 14,3% Water; 14,6% Still; 6,6% Still; 6,5% Sparkling Sparkling 71,3% 71,5% 9M14 9M15 5
Slide 6: Turkey profitability continues to improve
Turkey profitability continues to improve • Volume growth up by 5% in 3Q15, supported by successful summer campaigns, Ramadan promotions and easier base • Number of transactions up by 9%, outpacing volume, driven by sparkling in 3Q15 • IC share continued to increase • Stronger pricing and high singl
Slide 7: Pakistan & Middle East delivers 5% volume growth in 9M15
Pakistan & Middle East delivers 5% volume growth in 9M15 • 8% volume growth in Pakistan in 9M15, following • 5% decline in Iraq volume in 3Q15 and double digit growth in 3Q15 9M15 • Improved availability • Better than planned business performance in North with volume growth in 3Q15 • Lower discounts
Slide 8: Central Asia volume down by 3% in 9M15
Central Asia volume down by 3% in 9M15 • Kazakhstan volume down by 2% in 9M15 due to 6% contraction in 3Q15 • Double digit volume contraction in Azerbaijan • High growth in Tajikistan with lower base • Price increases and portfolio initiatives to mitigate the adverse impacts of devaluations • Consum
Slide 9: Orhun Köstem – CFO
ORHUN KOSTEM — CFO Cala Steech
Slide 10: Introduction to Financial Statements
Introduction to Financial Statements Average Exchange Rates for each Period Currency Trends againist USD Quarterly Exchange Rate (local currency per USD) YTD Exchange Rate (local currency per USD) 3Q15 3Q14 Δ% 9M15 9M14 Δ% Turkey 2,86 2,16 32% 2,66 2,16 23% 110 Pakistan 103 100 2% 102 101 1% 100 IQ
Slide 11: Top Line Performance
Top Line Performance 9M15 Performance Volume (mn uc) Revenue (TL bn) Revenue per unit case 933 939 5.450 4.903 5,65 5,81 5,27 5,26 453 462 2.753 2.372 2,43 2,25 480 477 2.531 2.697 9M14 9M15 9M14 9M15 9M14 9M15 Turkey International Turkey International Turkey (TL) International (USD) Consolidated (T
Slide 12: Profitability
Profitability* Consolidated 9M14 9M15 Δ% 3Q14 3Q15 Δ% EBIT (TL mn) 642 670 4.2% 290 321 10.6% EBIT Margin 13.1% 12.3% 15.1% 14.6% EBITDA (TL mn) 884 941 6,5% 372 418 12.4% EBITDA Margin 18.0% 17.3% 19.3% 18.9% Turkey EBIT (TL mn) 270 317 17.7% 121 142 16.7% EBIT Margin 10.7% 11.8% 12.3% 13.4% EBITDA
Slide 13: Financial Expenses
Financial Expenses (TL million) 9M15 9M14 Interest income 25 31 Interest expense (-) (135) (112) Foreign exchange gain / (loss) 267 65 Realized FX gain / (loss) – Borrowings (10) (26) Unrealized FX gain / (loss) (626) (116) Gain / (loss) on derivative transactions (1) 3 Financial Income / (Expense)
Slide 14: Leverage and Debt Profile
Leverage and Debt Profile Financial debt (US$ million) Maturity (US$ million) 1.140 1.168 661 1% 2% 3% 13% 12% TL & JD & KT PKR 86% EUR 83% USD 102 94 104 120 51 37 2014 9M15 2015 2016 2017 2018 2019 2020 2023 Net Debt (US$ million) Net Debt / EBITDA* 2,47x 9M15 2014 Change 1,96x Total Financial Deb
Slide 15: Free Cash Flow
Free Cash Flow Net Operating Cash Capex (TL mn) Free Cash Flow (TL mn) Inc. Working Capital (TL mn) 188 729 607 86 9M14 9M15 9M14 9M15 9M14 9M15 -419 -643 15
Slide 16: Guidance
BURAK BASARIR — CEO Guidance Cala Steech
Slide 17: Guidance - 2015
Guidance - 2015 Guidance Consolidated – Mid-single digit volume growth o Turkey – Low single digit volume growth o International – Mid single digit volume growth ● Net revenue growth > volume growth ● Flat to slight contraction in consolidated EBITDA margin, compared to 2014 17
Slide 18: Cala Steech
Cala Steech
Slide 19: Closing Remarks
BURAK BAŞARIR – CEO Closing Remarks
Slide 20: Thank you!
CMG ila Jecch Thank you!