forward-looking statements · forward-looking statements 2 • samiller’s russian and ukrainian...
TRANSCRIPT
Forward-Looking Statements
2
• SABMiller’s Russian and Ukrainian beer businesses are consolidated into EBI’s financial results (thus into
Anadolu Efes’ as well) starting from March 1, 2012. While reported financials do not include any contribution
from these newly acquired businesses for FY2011, they include ten months contribution in FY2012 (starting from
March 2012). However, for comparison purposes, Anadolu Efes’ and EBI’s operating proforma figures are also
provided for both FY2011 & FY2012, which include the results of SABMiller’s Russian and Ukrainian beer
businesses for these periods in full as if both businesses were operating together with Anadolu Efes’
international beer operations starting from January 1st in both periods. Also, due to one-off transaction and
integration costs, EBI and Anadolu Efes started to report operating performance before such non-recurring
items (BNRI).
• This presentation may contain certain forward-looking statements concerning our future performance and
should be considered as good faith estimates made by the Company. These forward-looking statements reflect
management expectations and are based upon currently available data. Actual results are subject to future
events and uncertainties, which could materially impact the Company’s actual performance.
• .
Anadolu Efes – A Regional Beverage Powerhouse
3
Beer Business
FOCUS IN TURKEY & CIS
18* breweries in 6* Countries
43.7 mhl* Beer Capacity
7 malteries with 293,656 tons Malt Capacity
Coca-Cola Business
FOCUS IN TURKEY, CENTRAL ASIA &
MIDDLE EAST
22 bottling plants in 10 countries
1,198 million unit case capacity
4
Anadolu Efes’ Structure
BEER OPERATIONS
INTERNATIONAL BEER OPERATIONS
COCA-COLA İÇECEK1
(CCI)
COCA-COLA OPERATIONS
Public
Public 33.0%
25.6%
50.3%
Yazıcılar Holding 23.6% Özilhan Sınai Yatırım 13.5% Anadolu Endüstri Holding 6.0%
(1) 20% held by TCCEC (The Coca-Cola Export Corporation) and 4% by Özgörkey Holding.
* Only the major subsidiaries of the Group are presented
SABMiller Anadolu Efes Ltd. 24.0%
SOFT DRINK OPERATIONS
TURKEY BEER OPERATIONS
ANADOLU EFES
5
Rapidly Growing Beverage Company
2005 2006 2007 2008 2009 2010 2011 2012
11 11 12 15 15 15 15 16
25 27 2736 36 36 36 42
297 m 306 m 327 m
494 m 511 m601 m 612 m
658 m
# of Countries # of Plants Population Served
6
Operating Markets
TURKEY
Pop: 75.6 mn*
GDP per cap: $10,364**
RUSSIA
Pop: 141.9 mn
GDP per cap: $13,765
KAZAKHSTAN
Pop: 16.7 mn
GDP per cap: $12,021
MOLDOVA
Pop: 3.6 mn
GDP per cap: $2,136
GEORGIA
Pop: 4.5 mn
GDP per cap: $3,514
PAKISTAN
Pop : 178.9 mn
GDP per cap: $1,288
AZERBAIJAN
Pop: 9.2 mn
GDP per cap: $7,727
KYRGYZSTAN
Pop: 5.6 mn
GDP per cap: $1,109
TURKMENISTAN
Pop: 5.6 mn
GDP per cap: $5,961
JORDAN
Pop: 6.4 mn
GDP per cap: $4,901
IRAQ
Pop: 33.6 mn
GDP per cap: $3,882
Source: IMF, 2012E figures except for Turkey
* 2012 actual figure (TUIK)
** 2011 actual figure (TUIK)
UKRAINE
Pop: 45.4 mn
GDP per cap: $3,971
7
Evolution In Last Five Years:
Our Scorecard Shows A Well Balanced Portfolio of Operations
Sales Volume*
*On a combined basis
Net Sales Revenue*
EBITDA*
2007 2012-Proforma
2007
2007
Turkey Beer22%
International Beer39%
Soft Drinks30%
Turkey Beer32%
International Beer36%
Soft Drinks32%
Turkey Beer52%
International Beer26%
Soft Drinks22%
2012-Proforma
2012-Proforma
Turkey Beer40%
International Beer35%
Soft Drinks25%
EBITDA (BNRI) Breakdown*(Operating Proforma)
*On a combined basis
Turkey Beer25%
International Beer44%
Soft Drinks32%
Sales Revenue Breakdown*(Operating Proforma)
*On a combined basis
Turkey Beer16%
International Beer39%
Soft Drinks45%
Sales Volume Breakdown*(Operating Proforma)
*On a combined basis
2007 2008 2009 2010 2011 2012 2011 2012
34.637.8 38.9
43.2 44.8
52.7 52.2 53.6
mh
l
Beer Soft Drinks
8
Consolidated Sales Volume Development
CAGR (07-12)
9%
Breakdown of Sales Volume*- FY2012
*On a combined basis
Turkey Beer16%
Soft Drinks45%
International Beer39%
Operating Proforma
Proforma
Turkey Beer16%
Soft Drinks46%
International Beer38%
Reported
Reported
2007 2008 2009 2010 2011 2012 2011 2012
3,030.4
3,668.9 3,811.14,168.8
4,761.3
6,416.85,938.0
6,558.7
9
Consolidated Net Sales Revenue*
Consolidated Financial Performance
Breakdown of Net Sales Revenue**-FY2012
**On a combined basis
*Full consolidation of Turkey and international beer, proportionate consolidation of Soft Drinks (CCI)
’07-’12
CAGR 16%
mill
ion T
RL
Reported Proforma
Turkey Beer
16%
Soft Drinks
46%
International
Beer38%
Reported
Turkey Beer25%
Soft Drinks32%
International Beer44%
OperatingProforma
Turkey Beer25%
Soft Drinks33%
International Beer42%
Reported
23.9% 23.3%24.1% 24.4%
20.0% 20.2% 20.2% 20.3%
2007 2008 2009 2010 2011 2012 2011 2012
723.2854.7
916.61,019.0
953.4
1,295.91,199.4
1,330.8
margin
10
Consolidated Financial Performance
Consolidated EBITDA(BNRI)*
*Non-recurring items like one-off transaction and integration costs related to the acquisition of SABMiller's Russian&Ukranian operations amounted to TL40.6 million in FY2012.
*Full consolidation of Turkey and International Beer, proportionate consolidation of Soft Drinks (CCI).
*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.
Breakdown of EBITDA(BNRI)**-FY2012
**On a combined basis
’07-’12
CAGR 12%
mill
ion T
RL
Reported Proforma
Turkey Beer41%
International Beer33%
Soft Drinks26%
EBITDA (BNRI) Breakdown*(Reported)
*On a combined basis
Turkey Beer40%
International Beer35%
Soft Drinks25%
EBITDA (BNRI) Breakdown*(Operating Proforma)
*On a combined basis
11
Net Financial Indebtedness
mill
ion
US
D
1.6 x 0.8 x Net Debt/EBITDA*
Gross Debt
Cash Position
836.2
542.4
313.0
331.9
940.7
340.9
1,639.8
1,049.8
*EBITDA(BNRI) is used for Anadolu Efes and EBI
**50.3% of CCI’s financial debt is consolidated as per Anadolu Efes’ shareholding
1.0 x
293.7
-18.8
599.8 590.0
Turkey Beer EBI CCI** Anadolu EfesConsolidated
12
Debt Maturity & Currency Breakdown
EBI CCI
Numbers may not add up to 100 due to rounding. Numbers may not add up to 100 due to rounding.
USD86%
EUR7%
Other7%
201314%
201483%
20153%
USD98%
Other2%
201372%
201426% 2015
2%
USD98%
Other2%
201372%
201426% 2015
2%
14
Benefiting From Advantageous Position In A Geography
Highlighted With Strong Growth Potential
Why this geography?
Large population ( ~660 million people)
Room to develop per capita consumption levels
Developing economies & rising disposable incomes
Trends supporting beer consumption like westernization,
urbanization, modernization etc.
Advantageous position of Anadolu Efes in the region due to;
accumulated experience of more than 40 years in beer
business, 15 years of doing business in CIS countries,
geographical proximity,
cultural/historical ties with some of these countries,
management pool;
fully bicultural Turkish expats complemented by
local component
Significant
growth
potential &
opportunities
in the region!
15
Our Success Comes From Managing Diversity
TURKEY RUSSIA
1 lt Pure Alcohol Consumption per Capita* 18 lt
59 % Beer Share in Total Pure Alcohol Consumption* 38 %
13 lt Beer Consumption per Capita** 71 lt
83 %*** Market Share 16 %****
High Advertising Restrictions High
Euromonitor figures represent 2011 data
Company estimate
Nielsen, YTD December 2012
Nielsen, National Urban Russia (over 10 th. İnhab) Retail YTD December 2012
*
**
***
****
16
Our Success Comes From Managing Diversity:
Growth Markets- Low Per Capita Consumption
Source: Canadean Global Beer Trends 2012, Company estimate
Per Capita Consumption (lt)
CA
GR
Gro
wth
20
07
- 2
01
2 (
%)
-10.0%
-7.0%
-4.0%
-1.0%
2.0%
5.0%
8.0%
11.0%
0 20 40 60 80 100 120 140 160
Georgia
China
Turkey
Uzbekistan
Moldova
Greece
Serbia
West Europe BulgariaRomania
Russia
Poland
Germany Czech Republic
Ukraine
Kazakhstan
17
Our Success Comes From Managing Diversity:
Breakdown Of Pure Alcohol Consumption - The Opportunities
Per Capita Consumption (lt) Austria Czech Republic Denmark Finland Germany Ireland Netherlands Poland Spain UK Turkey Russia
Total Pure Alcohol 11 13 9 8 11 10 8 9 8 8 1 18
Beer 109 139 63 88 104 98 71 98 75 73 13 71
Source: Euromonitor, Canadean, Company estimate
18
Strong Positions and Brands
TURKEY RUSSIA
MOLDOVA GEORGIA
#1
#2
#1
#1
#1
UKRAINE #4
KAZAKHSTAN
2007 2008 2009 2010 2011 2012
7.6
8.5
8.58.5 8.4 8.6
20
Sustainable Volume Performance*
*Sales volume including exports
Market Share Development
In Turkey beer operations, total sales volume
increased by 2.1% in 2012 vs. 2011 with a decline of
1.6% in 4Q2012 compared to 4Q2011
Volume growth in 2012 was driven by;
• our successful sales & marketing initiatives
• new launches
• improved availability of our products via
investments in both on and off-premise channel
despite higher prices
Turkish beer market grew in 2012 after several years
of flattish volumes, while our underperfomance was due
to increased availability of competitor products
Source: Nielsen * Company estimate
In Turkey, EFES Was Able to Grow its Volumes in 2012
Despite Higher Prices
’07-’12
CAGR 3%
1987* 2005 2006 2007 2008 2009 2010 2011 2012
60%
83% 86% 86% 88% 88% 88% 87% 83%
40%
17% 14% 14% 12% 12% 12% 13% 17%
Efes Other
6.0%
49.7%
9.2%
69.2%
20.5%
17.0%
1.6%
9.4%7.7%
9.7% 8.4%10.1%
6.5%
6.4%
10.4%
6.2%
2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013Excise tax increases CPI
0.072
0.15 0.16
0.24 0.24 0.24 0.240.26
0.44
0.53
0.62 0.63
BeforeOct. 03
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013
... significantly above inflation
Exponential rise in excise tax in Turkey ...
*Excise tax for beer per one degree of alcohol (TL)
21
Coming From Exponential Rise In Excise Tax For
Beer In Turkey In The Last Few Years
0.061 0.057 0.058 0.059 0.061 0.063 0.063 0.067 0.069 0.069
0.09
0.140.13 0.13
0.13 0.12
0.220.23
0.27 0.27
2004 2005 2006 2007 2008 2009 2010 2011 2012 01/2013
*per one degree of alcohol (EUR)
Source: European Commission
TURKEY
EU
Average
22
Now Beer Excise Tax is Almost 4x Of The European
Average...
5.9 5.76.0
6.46.8
7.1 7.17.6
8.5 8.5 8.5 8.4 8.6
0.40.8
0.9
1.31.4
1.7 1.81.9
2.02.1
2.8
3.2
3.7
0
0.5
1
1.5
2
2.5
3
3.5
4
-0.8
0.2
1.2
2.2
3.2
4.2
5.2
6.2
7.2
8.2
9.2
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Despite significant price increases to reflect excise tax hikes, we were able to
maintain our volumes
23
mh
l
50
cl re
turn
able
bottle
pric
e
... But Resilient Volume Performance Despite Significant Price Increases
Shelf price
rose further
to 3.8TRL
as of
January
2013...
24
Because Of The Strategic Initiatives Implemented To Generate
Volume Growth...
Strategic initiatives to increase
availability, visibility and
perception of beer
Increasing the number of beer
selling outlets...
Developing places not just for
beer consumption but for the
enjoyment of beer...
Increase the relevance of
beer...
25
Number of beer selling outlets per 1,000 people
Source: The Company
Limited Availability Of Beer In Off-Premise Channel
Mainstream96%
Economy1%
Premium 3%
100% brand awareness for Efes
Exports to more than 70 countries
# 1 in consumer spending in Food &
Beverage category – 7.8% as of
December 2012 (Nielsen)
99% penetration in Turkey
(December 2012, Nielsen)
26
The Third Element:
Increasing The Relevance Of Beer
Through a portfolio for all occasions...
27
Turkish Beer Market – Fundamentals & Dynamics
Consolidated market - top 2 players represent
more than 99% of the market
lack of sizeable acquisition targets
consolidated distribution structure
Returnable market - Bottles & kegs amount to
ca.64%
additional initial investment requirement for
containers
requirement to set-up two way
distribution system
TV& Radio advertisement fully restricted since
1984
High level of excise taxes
Limited presence of organized retail-
supermarkets account for ca.15% share of
Efes sales volumes
Maltey
Hops Processing
Sales Volume by Package Type (2012)
Sales Volume by Consumption Channel (2012) DYNAMICS OF THE TURKISH BEER MARKET
On-Premise 23.2%
Off-premise 61.5%
Key account 15.2%
Returnable Bottle50.4%
Can28.6%
Keg13.7%
Non-returnable Bottle7.3%
1. Winston (tobacco)
2. Parliament (tobacco)
3. Marlboro (tobacco)
4. Lark (tobacco)
5. EFES PILSEN
6. L&M (tobacco)
7. Muratti (tobacco)
8. Coca-Cola
9. Tekel 2000 (tobacco)
10. Eti
28
Unmatched Brand Equity S
ou
rce
: N
iels
en
YT
D D
ece
mb
er
201
2
Food & Beverage % Total Trade %
TURKEY
Top Brands – % of spending
1. EFES PILSEN
2. Coca-Cola
3. Eti
4. Yeni Rakı
5. Ülker
6. Pınar
7. Çaykur
8. Sütaş
9. Tuborg Gold
10. Fanta
6.7
4.8
4.7
4.3
3.7
3.0
2.8
2.1
2.0
1.8
7.8
4.4
3.8
3.4
3.1
2.6
2.1
1.9
1.3
1.2
29
Turkish Beer Market – Vertical Integration
Maltey
Hops Processing
Brewery & Capacity
COGS Breakdown (2012)
FARMERS
ANADOLU EFES
•Patented barley seeds
•Fertilizer
•Technology & know-how
•Malting Barley at
a pre-determined
price
TWO MALTERIES100% self sufficiency
Long S
tandin
g R
ela
tionsh
ips
ONE HOPS FACILITYpartly self sufficient
•Long standing relations with packaging suppliers
• ca. 64% returnable
Malt + Hops
Packaging
Vertical integration is a key factor in
efficient production cost management
Numbers may not add up to 100 due to rounding.
34.4%
42.3%
23.3% Malt & Other RawMaterials
Packaging & AuxilaryMaterials
Overhead
40.3% 41.8% 39.8% 40.1%37.4%
34.3%
2007 2008 2009 2010 2011 2012
389.8
494.2503.0 519.1 519.9 550.5
2007 2008 2009 2010 2011 2012
293.2
341.7363.1 368.5
336.5
382.6
2007 2008 2009 2010 2011 2012
967.0
1,182.11,264.2 1,293.4
1,390.8
1,604.7
30
Turkey Beer Operations’ Financial Performance
Net Sales Revenue
Net Profit
EBITDA*
Mill
ion
TR
L
Mill
ion
TR
L
Mill
ion
TR
L
*Previously reported EBITDA figures for 2007 is adjusted by excluding other income/expense
arising from Anadolu Efes’ holding nature for comparison purposes.
’07-’12
CAGR 11%
’07-’12
CAGR 5%
40.3% 41.8% 39.8% 40.1%37.4%
34.3%
2007 2008 2009 2010 2011 2012
389.8
494.2503.0 519.1 519.9 550.5
’07-’12
CAGR 7%
31
FY2013 OUTLOOK
TURKEY BEER OPERATIONS
We expect Turkey beer market to grow at low-single digits. Consequently, our beer sales in
Turkey is expected to grow in line with the market in 2013.
Sales revenues are expected to grow ahead of volumes, at a rate of high-teens, contributed by
higher sales prices.
Price increases are expected to cover the negative impact of the higher input prices, i.e. barley
prices.
In absolute terms, higher gross and operating profitability are expected to lead to a higher
EBITDA in absolute terms with an almost flat EBITDA margin in 2013 compared to the previous
year. The ratio of operating expenses to net sales is expected to remain high as well due mainly
to the continued investments in on and off trade, which is the underlying reason for the expected
market growth.
2007 2008 2009 2010 2011 2012 2011 2012
13.3 14.1 13.6
15.7 14.6
19.8
22.1
20.7
33
Developments In International Operations
Volume Development
Numbers may not add up to 100 due to rounding.
’07-’12
CAGR 8%
Lower volumes on an operating proforma basis in 2012
was mainly driven by weaker volumes in Russia, where
our performance was negatively impacted by;
• the integration issues
• relatively high pricing
All operating countries other than Russia achieved
significant growth rates in 2012, ranging between mid-
single to low-teens levels.
Breakdown of Sales Volume
(Reported) – 2012
Proforma
Russia69%
Others31%
Reported
Carlsberg36.9%
Inbev15.6%
Heineken13.5%
EFES Rus16.0%
Others18.0%
Carlsberg37.2%
Inbev16.8%
Heineken12.1%
EFES Rus17.9%
Others16.0%
Volume Development In Russia
34
Market Share by Volume – 2012
Numbers may not add up to 100 due to rounding.
Market Share by Volume – 2011
Nie
lse
n, N
atio
na
l Urb
an
Russia
(ove
r 10
th. in
ha
b) R
eta
il YT
D D
ece
mb
er 2
01
1
*Carlsberg and INBEV breweries shares include Ukrainian brands
** Efes Rus share is calculated as sum of Efes Russia and SABMiller shares
Nie
lse
n, N
atio
na
l Urb
an
Russia
(ove
r 10
th. in
ha
b) R
eta
il YT
D D
ece
mb
er 2
01
2
•According to Nielsen, beer market sales volumes in Urban Russia1;
grew by 1.1% in 2012 versus 2011
grew by 2.2% in the fourth quarter of 2012 versus the same quarter of 2011
•According to Nielsen, EFES RUS’ market share2 declined to 16.0% in 2012 compared to 17.9% in
2011
*Carlsberg and INBEV breweries shares include Ukrainian brands
** Efes Rus share is calculated as sum of Efes Russia and SABMiller shares
1 Nielsen, National Urban Russia (over 10 th. inhab) Retail YTD December 2012
2 EFES RUS includes ex-Efes Russia and ex-SABMiller portfolios
Carlsberg37.4%
Inbev16.4%
Heineken11.7%
SABMILLER7.2%
EFES RUSSIA10.9%
Others14.7%
Carlsberg37.4%
Inbev19.4%
Heineken15.0%
SABMILLER6.8%
EFES RUSSIA8.8%
Others12.7%
35
The Need For A Strategic Partner In Russia...
Challenge in Russia to have a critical mass...
Carlsberg37.4%
Inbev16.4%
Heineken11.7%
SABMILLER7.2%
EFES RUSSIA10.9%
Others14.7%
Carlsberg37.4%
Inbev19.4%
Heineken15.0%
SABMILLER6.8%
EFES RUSSIA8.8%
Others12.7%
36
SABMiller: The Best Possible Partner in Russia
Synergies Geographical
Synergies
Almost no canibalization
b/w brand portfolios
Evolution of brand
portfolio; heavily
mainstream to a more
balanced one
Logistic &
Sales Force
Synergies
Complementary
Brand Portfolio
Enlarged
geographical reach
in production
Achieve higher
penetration, market
share and position in
key regions like
Moscow
Cross brewing
opportunities
Advantages due to
existing common
distributors for both
parties; better terms
with distributors can
be achieved
Joint on-premise
strength
37
Acquisition of SABMiller Beer Operations
Total international beer capacity rose from 25.2 mhl to
33.3 mhl following the acquisition of 4 Breweries from
SABMiller
38
Transfer of SABMiller’s Russian and Ukrainian beer businesses to Anadolu Efes completed in early March 2012 and significant part of the integration process has already been completed ... SABMiller’s Russian and Ukranian beer businesses started to be consolidated under Anadolu Efes’ financial results starting from March 1, 2012... Following the acquisition of SABMiller’s beer operations in Russia, we captured;
Immediate Benefits of the Strategic Alliance
#2 position
in
Russia
#1 position in
Premium
Segment
#1 position in
Moscow**
Combined market
share of 16.0%*
* Nielsen, National Urban Russia (over 10 th. inhab) Retail YTD December 2012
** For Value Share
* Based on combined figures, **Based on combined figures and including twelve months results of SABMiller’s Russian and Ukranian operations
TO
TA
L B
EE
R –
FY
20
11
rep
ort
ed
fig
ure
s*
REVENUE EBITDA (BNRI) VOLUME
TO
TA
L B
EE
R –
FY
20
12
op
era
tin
g p
rofo
rma
fig
ure
s**
A More Balanced Contribution of International Operations In
Consolidated Results
39
Turkey46%EBI
54%
Turkey36%
EBI64%
Turkey69%
EBI31%
Turkey53%
EBI47%
Turkey37%EBI
63%
Turkey29%
EBI71%
40
With An Improved Profitability For Our International Beer Operations
66.7
76.5
NET SALES GROSS PROFITMARGIN
EBITDA (BNRI)MARGIN
2011 reported 2012 proforma
42%
46%
15%17%
$/HL
41
PREMIUM UPPER MAINSTR. LOWER MAINSTR.
A More Balanced Porfolio in Russia
Be
fore
ac
qu
isit
ion
of
SA
B R
us
sia
Cu
rre
nt
Bra
nd
Po
rtfo
lio
Combined Russian business achieved a strong #2 position, with a highly attractive,
valuable and balanced portfolio of international and local brands across key market
segments...
42
Successful Integration In Russia;
Our Challenge and Opportunities
1 + 1 =
2 + $120MILLION*
*To be achieved in full in the third year of the deal.
Moldova
PREMIUM UPPER MAINSTREAM ECONOMY
Georgia
Strongly Positioned in All Markets
43
Ukraine
Kazakhstan
LOWER MAINSTREAM SUPER PREMIUM
PREMIUM MAINSTREAM ECONOMY SUPER PREMIUM
PREMIUM SUPER PREMIUM MAINSTREAM
MAINSTREAM PREMIUM SUPER PREMIUM ECONOMY
Off-Premise Outlet Split (2012)
Russian Beer Market – Fundamentals & Dynamics
Hops Processing
Packaging Split (2012)
Market Segment Development
So
urc
e: N
iels
en
Numbers may not add up to 100 due to rounding. Numbers may not add up to 100 due to rounding.
44
* In order to reflect the market structure in a
better way, the presentation of the Russian
Beer Market segment breakdown has been
changed by Nielsen as of June 2012. For
comparison purposes, the adjusted segment
data is also provided for the last three years.
Food Stores45%
Pavillions6%
Superettes18%
Kiosks12%
Hyper/ Supermarkets
17%
Open Markets2%
Can 18%
Glass Bottle 33%
PET 47%
Keg 3%
2009 2010 2011 2012
12.4% 13.1% 12.3%
38.6% 39.0% 38.4% 38.9%
18.0% 18.2% 19.2% 19.4%
20.0% 19.3% 19.0% 18.4%
5.6% 5.5% 5.5% 5.5%2.7% 2.5% 3.2% 3.7%
2.7% 2.5% 2.5% 2.6%
DISCOUNT LOWER MAINSTREAM LOW UPPER MAINSTREAM HIGH UPPER MAINSTREAM
LOW PREMIUM MID PREMIUM HIGH PREMIUM
EBI55.3%
Carlsberg29.1%
Other9.1%
Shymkent Pivo6.6%
InBev0.7%
45
Other Operating Countries M
old
ova
K
aza
kh
sta
n*
Nielsen , YTD December 2012
#1 brewer
Capacity: 1.1 mhl
EBI entered the Georgian beer
market following the acquisition of
the leading brewer in the market,
JSC Lomisi (“Lomisi”), in February
2008
#1 brewer
Capacity: 2.6 mhl
#1 brewer
Capacity: 1.3 mhl
Market Share by Volume
Georg
ia
Ukra
ine
#4 brewer
Capacity: 2.3 mhl
EBI entered the Ukranian beer
market following the acquisition of
the SABMiller’s Ukrainian beer
operations in March 2012
* Due to changes in Nielsen’s retail audit database in Kazakhstan as of June 2012, the market share data for the previous periods has been revised for comparison purposes
18.7%14.8%
19.8% 21.9%
14.7% 16.5% 16.7% 16.9%
2007 2008 2009 2010 2011 2012 2011 2012
156.0 153.5 170.1
213.7
143.0
248.3280.3 268.2
2007 2008 2009 2010 2011 2012 2011 2012
836.21,038.0
857.3 976.8 976.0
1,505.9
1,680.31,585.1
46
Net Sales Revenue
Net Profit
EBITDA (BNRI)*
International Beer Operations
Financial Performance
mill
ion
US
D
mill
ion
US
D
mill
ion
US
D
’07-’12
CAGR 12%
*Non-recurring items like one-off transaction and integration costs related to the acquisition of
SABMiller's Russian&Ukranian operations amounted to TL10.6 million in FY2012.
’07-’12
CAGR 10%
Reported Proforma Reported Proforma
2007 2008 2009 2010 2011 2012
37.5
-57.4
0.4
54.2
-8.0
58.4
47
FY2013 OUTLOOK
INTERNATIONAL BEER OPERATIONS
Russian beer market is expected to decline at a rate of mid-single digits in 2013 mainly due to the negative impact of the
regulatory changes. Except for the flattish volumes forecasted for the Ukranian beer market, we expect our operating beer
markets in other CIS and Eastern Europe countries to grow at a rate of mid-single digits.
On a reported basis, our sales volumes are expected to grow at a rate of mid-single digits.
• On an operating proforma basis, our sales volumes are expected to grow at a rate of low-single digits.
On a reported basis, sales revenues are expected to grow at a rate of high-single digits.
• On an operating proforma basis, sales revenues are expected to grow at a rate of low-to-mid single digits contributed by the
planned price increases in operating countries.
On a reported basis, gross profit is expected to grow at a rate of mid-to-high single digits with slightly lower gross margin.
• On an operating proforma basis, gross profit is expected to grow at a rate of low-single digits with slight decline on gross
margin.
On a reported basis, operating profit (BNRI) is expected to grow at a rate of mid-teens level in absolute terms with a flattish
operating profit (BNRI) margin.
• On an operating proforma basis, operating profit (BNRI) is expected to grow at a rate of mid-single digit level in absolute
terms, leading to an almost flattish operating profit margin (BNRI), contributed by the cost synergies to be achieved in
Russia.
On a reported basis, EBITDA (BNRI) is expected to grow at a rate of low double-digit level in absolute terms, indicating flattish
EBITDA (BNRI) margin.
• On an operating proforma basis, EBITDA (BNRI) is expected to grow at a rate of low-single digit levels in absolute terms,
leading to a flattish margin.
For 2013, the expected cost synergies are estimated to be around USD70 million.
49
Soft Drinks Business - Operating Geography
Kazakhstan
India
Iraq Iran
Russia
China
Uzbekistan
Turkmenistan
Pakistan
S.Arabia
Turkey Tajikistan
Kyrgyzstan
Syria
Azerbaijan
Bulgaria
Greece
Egypt
Jordan
U.A.E.
10 countries
22 production facilities
50
Future Opportunities
2011 Sparkling Beverages Consumption vs Median Age
Median Age
Pe
rCa
p C
on
su
mp
tio
n (
L)
Source: CCI and United Nations
CCI territory total population: over 360 million
51
Country Data
Sources: TUIK (1), IMF Estimate (2), UN Estimate (3), CCI & TCCC Estimates (4), Nielsen (5), TUİK 2011 (6), CCI Estimate (7)
Population
(mn) in
2012 (2)
% of
population
below 30
years (3)
GDP per capita
in 2012
($) (2)
Per capita
consumption
of sparkling
bev. (L) in 2012 (4)
CCI’s market
share in
sparkling
bev. in 2012 (5)
CCI’s 2012
Volume
Breakdown
Turkey 75.6(1) 51% 10,364(6) 45 67% 66.8%
Pakistan 178.9 64% 1,288 15 29% 9.8%
Kazakhstan 16.7 51% 12,021 34 42% 8.2%
Azerbaijan 9.2 49% 7,727 25 59% 4.5%
Iraq 33.6 70% 3,882 43 - 5.2%
Jordan 6.4 66% 4,901 46 - 1.6%
Turkmenistan 5.6 58% 5,961 43 - 2.3%
Kyrgyzstan 5.6 60% 1,109 24 - 1.4%
Syria 21.3 (3) 64% 4,814 (7) 12 - 0.1%
Tajikistan 8.0 68% 912 11 - 0%
52
Geographic and Category Split of Business
Volume split (uc) – International Operations
Volume split (uc) – Consolidated
Turkey
Still22.6%
Sparkling
67.2%
Tea10.3%
4Q12
Still20.9%
Sparkling
70.8%
Tea
8.3%
2011Still
20.0%
Sparkling70.3%
Tea
9.7%
4Q11
Consolidated Volume Split
Q/Q
Consolidated Volume Split
Y/Y
Still21.8%
Sparkling70.3%
Tea
7.9%
2012
Kazakhstan25%
Kyrgyzstan4%
Azerbaijan14%
Turkmenistan7%
Jordan5%
Iraq15%
Tajikistan0%
Syria 0%
Pakistan30%
2012
2007 2008 2009 2010 2011 2012
382.4 420.8 438.9
494.4
546.8568.5
2007 2008 2009 2010 2011 2012
97.9 113.0
147.6
171.0
215.0
282.0
53
Dynamic Growth in All Markets
’07-’12
CAGR 24%
mu
/c
TURKEY SOFT DRINKS VOLUME DEVELOPMENT
’07-’12
CAGR 8% m
u/c
INTERNATIONAL SOFT DRINKS VOLUME DEVELOPMENT
54
Leading Brands and Market Positions
17.1% 16.6% 15.3% 15.8%14.3%
16.6%
2007 2008 2009 2010 2011 2012
329.8375.3
368.7435.0
486.9
685.5
2007 2008 2009 2010 2011 2012
153.7
81.4
169.6 197.7
140.3
380.1
2007 2008 2009 2010 2011 2012
1,925.9
2,258.12,407.5
2,753.2
3,408.6
4,132.4
55
Net Sales Revenue
Net Profit
EBITDA*
Soft Drink Operations’ Financial Performance*
* International Coca-Cola business fully
consolidated starting from 2006 mill
ion
TR
L
mill
ion
T
RL
mill
ion
T
RL
*Full year EBITDA is as previously reported, not restated as per CMB’s new reporting format.
’07-’12
CAGR 20%
’07-’12
CAGR 16%
’07-’12
CAGR 16%
58
2011/12 2012/12
SALES VOLUME (million hectoliters) 44.8 52.7
SALES 4,761.3 6,416.8
Cost of Sales (-) (2,479.6) (3,278.2)
GROSS PROFIT FROM OPERATIONS 2,281.7 3,138.7
Marketting, Selling and Distribution Expenses (-) (1,262.8) (1,728.3)
General and Administrative Expenses (-) (414.8) (635.9)
Other Operating Income 43.1 45.7
Other Operating Expense (-) (42.1) (54.5)
PROFIT FROM OPERATIONS (BNRI)* 605.1 806.3
Loss from Associates (6.8) (6.0)
Financial Income 240.7 316.0
Financial Expense (-) (374.0) (272.0)
PROFIT BEFORE TAX FROM CONTINUING OPERATIONS 465.0 803.7
Continuing Operations Tax Expense (-) (105.5) (173.5)
PROFIT FOR THE PERIOD 359.5 630.3
Attributable to:Minority Interest 18.3 23.4 Net Income Attributable to Equity Holders of the Parent 341.2 606.9
EBITDA (BNRI)* 953.4 1,295.9
*Non-recurring items like one-off transaction and integration costs related to the acquisition of SABMiller's Russian&Ukranian
operations amounted to TL40.6 million in FY2012.
Note 1: CCI's consoliated results are proportionately consolidated in Anadolu Efes' financial results as per its 50.3% shareholding.
ANADOLU EFES
Consolidated Income Statements For the Year Ended 31.12.2011 and 31.12.2012
Note 2: EBITDA comprises of Profit from Operations, depreciation and other relevant non-cash items up to Profit From Operations.
Prepared in accordance with IFRS as per CMB Regulations
(million TRL)
59
2011/12 2012/12 2011/12 2012/12
Cash & Cash Equivalents 917.6 1,641.4 Short-term Borrowings 795.6 885.2
Financial Investments 22.6 229.9 Derivative Financial Instruments - -
Derivative Financial Instruments - 0.1 Trade Payables 307.6 393.7
Trade Receivables 578.4 823.0 Due to Related Parties 9.2 24.0
Due from Related Parties 0.1 0.2 Other Payables 342.8 506.8
Other Receivables 16.9 25.8 Provision for Corporate Tax 9.4 16.8
Inventories 546.2 722.1 Provisions 28.0 64.5
Other Current Assets 246.1 359.0 Other Liabilities 136.0 228.6
Total Current Assets 2,328.0 3,801.5 Total Current Liabilities 1,628.6 2,119.4
Other Receivables 1.6 2.2 Long-term Borrowings 1,303.8 2,037.9
Investments in Securities 25.2 0.8 Other Payables 165.7 198.3
Investments in Associates 18.4 - Provision for Employee Benefits 54.0 68.0
Biological Assets 6.5 12.2 Deferred Tax Liability 52.3 363.4
Property, Plant and Equipment 2,525.5 3,572.7 Other Liabilities 9.3 70.9
Intangible Assets 447.0 1,929.7
Goodwill 912.6 2,095.8
Deferred Tax Assets 62.4 75.3 Total Non-Current Liabilities 1,585.2 2,738.6
Other Non-Current Assets 93.4 154.6
Total Non-Current Assets 4,092.7 7,843.3 Total Equity 3,206.9 6,786.8
Total Assets 6,420.7 11,644.8 Total Liabilities and Shareholders' Equity 6,420.7 11,644.8
Note 2: 7.5% of Alternatifbank shares held by Anadolu Efes is accounted at fair value and classified as ''Financial Investments'' in Current Assets part of the balance sheet.
Note 3: "Financial Investments" in Current Assets mainly includes the time deposits with a maturity more than three months.
(million TRL)
ANADOLU EFES
Consolidated Balance Sheets as of 31.12.2012 and 31.12.2011
Prepared In Accordance with IFRS as per CMB Regulations
Note 1: CCI's consolidated financial results are consolidated in Anadolu Efes' financial results by proportionate consolidation method as per Anadolu Efes' 50.3% shareholding in CCI.
60
20
11
/12
20
12
/12
Sa
les
Vo
lum
e (
mil
lio
n h
ect
oli
tres)
8.4
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1,3
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1.1
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01
2 a
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31
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11
Pre
pa
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IF
RS
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)
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as
per
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61
20
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0.7
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36
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1
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X
4
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9
3.1
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2.7
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20
11
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6
97
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: Fig
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r E
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nso
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ents
pre
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.
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L B
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Hig
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lan
ce S
heet
Item
s a
s o
f 3
1.1
2.2
01
2 a
nd
31
.12
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11
Pre
pa
red
In
Acc
ord
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ce w
ith
IF
RS
(mil
lio
n U
SD
)
No
te 2
: Fig
ures
fo
r E
BI
are
ob
tain
ed f
rom
co
nso
lidat
ed f
inan
cial
sta
tem
ents
pre
par
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acc
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ance
with
IF
RS
.
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NA
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IF
RS
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20
11
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20
12
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les
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it C
ase
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61
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0.5
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es (
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st o
f S
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)
GR
OS
S P
RO
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1,2
62
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1,5
88
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erat
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ense
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3.1
)
Oth
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atin
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e /
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et)
5.4
(1
.2)
EB
IT3
28
.3
47
4.2
Gai
n /
(Lo
ss)
fro
m A
sso
ciat
es
-
-
Fin
anci
al I
nco
me
/ (E
xpen
se)
(net
)
(1
44
.9)
8.4
INC
OM
E B
EF
OR
E M
INO
RIT
Y I
NT
ER
ES
T &
TA
X
1
83
.4
48
2.5
Inco
me
Tax
es
(41
.9)
(9
7.6
)
INC
OM
E B
EF
OR
E M
INO
RIT
Y I
NT
ER
ES
T
1
41
.5
38
4.9
Att
rib
utab
le t
o,
Min
ori
ty I
nter
est
1.2
4
.8
Net
Inc
om
e at
trib
utab
le t
o S
hare
hold
ers
14
0.3
3
80
.1
EB
ITD
A4
86
.9
68
5.5
20
11
/12
20
12
/12
Cas
h an
d C
ash
Eq
uiva
lent
s 5
22
.2
48
9.9
Inve
stm
ents
in S
ecur
ities
3.8
1
17
.7
Der
ivat
ive
Fin
anci
al I
nstr
umen
ts-
0.3
Tra
de
Rec
eiva
ble
s an
d D
ue f
rom
Rel
ated
Par
ties
(net
)2
84
.2
30
7.1
Inve
nto
ry (
net)
26
8.2
3
19
.0
Oth
er R
ecei
vab
les
13
.2
1
3.4
Oth
er C
urre
nt A
sset
s3
28
.3
31
1.3
To
tal
Cu
rren
t A
ssets
1,4
19
.9
1,5
58
.8
Inve
stm
ent
in A
sso
ciat
e-
-
Pro
per
ty,
Pla
nt a
nd E
qui
pm
ent
1,7
07
.2
1,9
27
.5
Inta
ngib
le A
sset
s (i
nclu
din
g go
od
will
)5
93
.7
72
1.3
Def
fere
d T
ax A
sset
s1
.9
0.6
Oth
er N
on-
Cur
rent
Ass
ets
63
.0
5
5.9
To
tal
No
n-c
urr
en
t A
ssets
2,3
67
.7
2,7
07
.7
To
tal
Ass
ets
3,7
87
.6
4,2
66
.4
Sho
rt-t
erm
Bo
rro
win
gs1
25
.4
22
9.3
Tra
de
Pay
able
s an
d D
ue t
o R
elat
ed P
artie
s 2
75
.3
28
7.4
Oth
er P
ayab
les
92
.5
1
30
.8
Pro
visi
on
for
Co
rpo
rate
Tax
1.4
2
.4
Pro
visi
ons
fo
r E
mp
loye
e B
enef
its1
4.7
21
.9
Oth
er C
urre
nt L
iab
ilitie
s1
6.9
20
.7
To
tal
Cu
rren
t L
iab
ilit
ies
52
6.1
6
92
.6
Lo
ng-t
erm
Bo
rro
win
gs1
,50
8.6
1
,44
7.6
P
rovi
sio
ns f
or
Em
plo
yee
Ben
efits
30
.2
3
2.8
Def
fere
d T
ax L
iab
ilitie
s5
2.6
58
.5
To
tal
No
n-C
urr
en
t L
iab
ilit
ies
1,5
91
.4
1,6
59
.7
To
tal
Eq
uit
y1
,67
0.1
1
,91
4.1
To
tal
Lia
bil
itie
s a
nd
Sh
are
ho
lders
' E
qu
ity
3,7
87
.6
4,2
66
.4
Pre
pa
red
In
Acc
ord
an
ce w
ith
IF
RS
as
per
CM
B R
eg
ula
tio
ns
(m
illi
on
TR
L)
No
te 1
: Fig
ures
fo
r C
CI
are
ob
tain
ed f
rom
co
nso
lidat
ed f
inan
cial
res
ults
pre
par
ed in
acc
ord
ance
with
IF
RS
as
per
CM
B r
egul
atio
ns.
Hig
hli
gh
ted
Ba
lan
ce S
heet
Item
s a
s o
f 3
1.1
2.2
01
2 a
nd
31
.12
.20
11
SO
FT
DR
INK
OP
ER
AT
ION
S (
CC
I)
Hig
hli
gh
ted
In
com
e S
tate
men
t It
em
s F
or
the Y
ea
r E
nd
ed
31
.12
.20
11
an
d 3
1.1
2.2
01
2
No
te 1
: EB
ITD
A c
om
pri
ses
of
pro
fit f
rom
op
erat
ions
, d
epre
ciat
ion
and
oth
er r
elev
ant
non-
cash
item
s up
to
EB
IT.
SO
FT
DR
INK
OP
ER
AT
ION
S (
CC
I)
Pre
pa
red
In
Acc
ord
an
ce w
ith
IF
RS
as
per
CM
B R
eg
ula
tio
ns
(mil
lio
n T
RL
)
No
te 2
: Fig
ures
fo
r C
CI
are
ob
tain
ed f
rom
co
nso
lidat
ed f
inan
cial
res
ults
pre
par
ed in
acc
ord
ance
with
IF
RS
as
per
CM
B r
egul
atio
ns.
63
Turkey AFB Market
RTD AFB Market (exc. milk)
1.3 billion uc
AFB Market (exc. milk)
5.2 billion uc
Hot tea category constitutes 46% of alcohol-free beverages
Source: Canadean, 2011
Tea46%
RTD AFB26%
HOD25%
Hot Coffee3%
Powder&Concentrate
0%
Sparkling Beverages
44%
Bottled Water35%
Fruit Juices&Still
Drinks12%
Ayran2%
Sparkling Water
5%
Other2%