Coca-Cola Icecek A.S. · BIST:CCOLA
Coca-Cola Icecek A.S — H1 2014 Earnings Presentation
18 slides from Coca-Cola Icecek A.S's earnings presentation, Aug 14, 2014
Slide 1: 2014 1st Half Results
st 2014 1 Half Results August 14, 2014 Istanbul Burak Başarır CEO 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: Operational Review
BURAK BAŞARIR CEO Operational Review 3
Slide 4: Highlights in the First Half
Highlights in the First Half ● CCI Consolidated – strong top-line growth ● Turkey – continued growth supported by successful campaigns ● Pakistan – strong growth momentum ● Iraq – volume growth despite the political tension and the unrest in North Iraq ● Kazakhstan – double-digit growth despite the
Slide 5: Contribution to Volume Growth - First Half
Contribution to Volume Growth - First Half 568 517 mn uc mn uc 1H13 1H14 5
Slide 6: Volume Breakdown - First Half
Volume Breakdown - First Half Volume Split Volume Split Category* Geography* NRTD Tea 9% Pakistan 21% Still 21% Iraq Turkey 9% 52% Kazakhstan Sparkling 9% 70% Others 9% Notes: (*) In unit cases; (**) NRTD: Non-ready-to-drink 6
Slide 7: Turkey Overview – First Half
Turkey Overview – First Half ● Sparkling – flat growth ● Coke Zero – continued double-digit growth ● Successful campaigns o Share a Coke - Q1 o 50th Anniversary - Q2 ● Still (excluding water) – grew at mid teens ● Water – grew at low single digits 7
Slide 8: International Overview – First Half
International Overview – First Half ● Pakistan – Sprite&Spicy - Q1 first national promotion in the country +16% +22% ● Kazakhstan – successful campaigns o New Year o Nowruz o FIFA World Cup +11% ● Iraq – campigns contributed to volume growth o Nowruz o Copa Coca-Cola Football Tournament 8
Slide 9: Financial Review
ORHUN KÖSTEM CFO Financial Review 9
Slide 10: Introduction to Financial Statements
Introduction to Financial Statements Basis of Preparation Consolidated / International Turkey $/TL $/TL Year-End Average Functional TL USD Currency June 30, June 30, 2.1234 2.1629 2014 2014 Reporting TL USD December June 30, Currency 2.1343 1.8089 31, 2013 2013 Presentation ∆ (0.5%) ∆ 19.6% ● Accoun
Slide 11: International Consolidated Top Line Performance
Top Line Performance Consolidated 1H14 1H13 Change % 2Q14 2Q13 Change % Volume (m/uc) 568 517 9.8% 344 319 7.9% Net Revenue (TL million) 2,978 2,491 19.5% 1,830 1,574 16.3% Net Revenue per UC (TL) 5.24 4.82 8.8% 5.31 4.93 7.8% 1H14 1H13 Change % 2Q14 2Q13 Change % Turkey Volume (m/uc) 297 282 5.4% 1
Slide 12: Profitability
Profitability (TL million) 1H14 1H13 Change % 2Q14 2Q13 Change % Consolidated EBIT 347 295 17.5% 280 235 19.2% EBIT Margin 11.6% 11.8% 15.3% 14.9% EBITDA 517 437 18.3% 365 307 19.1% EBITDA Margin 17.3% 17.5% 20.0% 19.5% Net Income/(Loss) (excl. One-off) 225 150 49.6% 203 117 73.7% (TL million) 1H14
Slide 13: Financial Expenses
Financial Expenses (TL million) 1H14 1H13 Interest income 22 16 Interest expense (-) (74) (41) Foreign exchange gain / (loss) (6) 23 Realized FX gain / (loss) – Borrowings 0 (0) Unrealized FX gain / (loss) – Borrowings 20 (100) Financial Income / (Expense) Net (39) (102) 13
Slide 14: Financial Debt Profile
Financial Debt Profile Financial Debt (US$ million) Maturity (US$ million) 1,446 1,190 622 5% USD 1% 10% 4% 2% EUR 273 0% 90% TL 120 88% 50 80 24 21 Others 2014 2015 2016 2017 2018 2020 2023 2013 1H14 Net Debt (US$ million) 2013 1H14 Change % Net Debt/EBITDA 1.8x 1.8x Total Financial Debt 1,446 1,19
Slide 15: Free Cash Flow
Free Cash Flow Net Operating Cash Capex (TL million) Free Cash Flow (TL million) Incl. Working Capital (TL million) 286 1H13 1H14 10 145 1H13 1H14 -85 -230 1H13 1H14 -276 15
Slide 16: Outlook and Guidance 2014
Outlook and Guidance 2014 ● Consolidated – High single-digit volume o Turkey – Low single-digit volume growth o International – Mid-teen volume growth ● Net revenue growth > volume growth ● Maintain EBITDA margin vs. 2013 16
Slide 17: Q&A
Q&A 17
Slide 18: CiaCola Seecch
CiaCola Seecch