cc hellenic q2 2012 presentation

8/12/2019 CC Hellenic Q2 2012 Presentation

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IFRS ResultsIFRS ResultsIFRS ResultsIFRS Results

1

for the six months ended for the six months ended for the six months ended for the six months ended29 June 201229 June 201229 June 201229 June 2012

Results PresentationResults PresentationResults PresentationResults Presentation

21 August 201221 August 201221 August 201221 August 2012



DisclaimerDisclaimerDisclaimerDisclaimer

The information contained herein includes forard!loo"ing statements hich are

#ased on current ex$ectations and assum$tions a#out future e%ents& 'ou should not

$lace undue reliance on these forard loo"ing statements& These forard!loo"ing

statements are su#(ect to ris"s) uncertainties and assum$tions a#out *oca!*ola

+ellenic including) among other things) macroeconomic conditions and their effect on

consumer confidence and dis$osa#le income) the effect of ac,uisitions to our

#usiness and financial condition) our relationshi$ ith The *oca!*ola *om$an-)

2

currenc- fluctuations) $ricing of ra materials) the im$act of future taxation andestimates of ca$ital ex$enditure& These and other ris"s are descri#ed in *oca!*ola

+ellenic.s Annual Re$ort on Form 20!F filed ith the /S Securities and xchange

*ommission& As a result) our actual results could differ materiall- from those

antici$ated in the forard loo"ing statements& o one underta"es to $u#licl- u$date

or re%ise an- forard!loo"ing statement unless re,uired #- la& /nless otherises$ecified) all financial information $resented herein is #ased on *oca!*ola +ellenic.s

IFRS financial statements&



rou$ results o%er%ierou$ results o%er%ierou$ results o%er%ierou$ results o%er%ie

3olume 4m uc5 !26 !76

et sales 48m5 16 16

+1.12 =2.12

3

Re$orted :IT 48m5 !2;6 !1<6

*om$ara#le 0:IT 48m5 !276 !176

Re$orted PS 485 !726 !1<6

*om$ara#le 0PS 485 !2<6 !176

4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&



*?S ross Profit :IT et Profit PS *?S ross Profit :IT et Profit PS

Re$orted results 42)19<&15 1)27;&0 1@9&9 91&2 0&2< 42)09<&95 1)299&A 271&9 172&< 0&7;

Restructuring costs ! ! 1;&@ 1<&0 0&0B ! ! 1@&A 17&< 0&07

*ommodit- hedging B&2 B&2 B&2 2&9 0&01 ! ! ! ! !

+alf -ear 2012+alf -ear 2012+alf -ear 2012+alf -ear 2012 +alf -ear 2011+alf -ear 2011+alf -ear 2011+alf -ear 2011

Reconciliation of Re$orted toReconciliation of Re$orted toReconciliation of Re$orted toReconciliation of Re$orted to*om$ara#le Financial Indicators*om$ara#le Financial Indicators*om$ara#le Financial Indicators*om$ara#le Financial Indicators

) & ) & & & & ) & ) & & & &

*?S ross Profit :IT et $rofit PS *?S ross Profit :IT et $rofit PS

Re$orted results 41)2<<&05 ;B0&@ 1A2&; 119&@ 0&77 41)201&B5 ;;A&2 21B&7 1B1&B 0&79

Restructuring costs ! ! B&2 7&; 0&01 ! ! @&; <&@ 0&01 *ommodit- hedging @&B @&B @&B B&< 0&01 ! ! ! ! !

*om$ara#le results 41)2BA&@5 ;B;&0 197&7 12;&A 0&7< 41)201&B5 ;;A&2 221&0 1B;&0 0&B04num#ers in 8m) exce$t earnings $er share data5

=2 2012=2 2012=2 2012=2 2012 =2 2011=2 2011=2 2011=2 2011

B4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs incurred in all $eriods under re%ie and unrealisedcommodit- hedging results during 2012&



=2 +ighlights=2 +ighlights=2 +ighlights=2 +ighlights

C 76 %olume decline) incor$orating an 6 and ;6 decrease in esta#lished andde%elo$ing mar"ets res$ecti%el- %olume in emerging mar"ets gre #- 26&

C *urrenc- neutral re%enue $er case increased #- 76 in the ,uarter) excludingthe h-$erinflation im$act of :elarus&

C Total re%enue gre #- 16 in the ,uarter) ahead of %olume&

<

! ) !

esta#lished and strong dou#le!digit groth in emerging mar"ets&

C e gre or maintained our s$ar"ling %olume share in most "e- mar"etsincluding Ital-) SitGerland) Austria) Poland) Russia) /"raine) Romania and:ulgaria&

C e also gre or maintained our ARTD %alue share in SitGerland) Austria)Ital-) Ireland) Poland) +ungar-) the *Gech Re$u#lic) Russia) Romania)/"raine and :ulgaria among others&

C *om$ara#le o$erating $rofit declined #- 82m in =2) $redominantl- due to

unfa%oura#le foreign currenc- mo%ements&



Factors influencing o$eratingFactors influencing o$eratingFactors influencing o$eratingFactors influencing o$erating$erformance$erformance$erformance$erformance

C Reduced dis$osa#le income and $ersistentl- lo consumer confidence le%els inour / mar"ets together ith unseasona#le et eather in *entral and asternuro$e and unfa%oura#le com$ara#le num#ers -ear on -ear) affected to$ line in=2&

C The continuous shift in demand toards at!home consum$tion had an ad%erseim$act on $ac"age mix during the ,uarter&

C *urrenc- neutral in$ut costs $er case) excluding the im$act of :elarus) gre #-

@

) &

C ?ur re%enue groth management initiati%es) dri%en #- ?:PP*) ena#led us tomore than offset in$ut cost increases in a#solute terms&

C *urrenc- fluctuations resulted in a$$roximatel- 870m negati%e im$act on =2o$erating $rofit) mainl- due to transactional im$act in *?S&

C *urrenc- neutral o$erating ex$enses) excluding the im$act of :elarus)increased #- 26 in the ,uarter&

C In =2 free cash flo generation reached 812m&

C During the ,uarter) fi%e more countries transitioned to our Shared Ser%ices*entre& As of June 2012) a total of 10 countries are utilising the *entre&



+1 H12 change =2 H12 change

3olume 4m u&c&5 77B !<6 1B !6

et sales re%enue 48m5 1)7B9 !<6 ;7< !6

*om$ara#le :IT 485> ;; !B<6 <9 !796

*om$& :IT margin> <&;6 !B0; #$s &06 !B09 #$s

sta#lished mar"etssta#lished mar"etssta#lished mar"etssta#lished mar"ets

C 3olume in Ital- declined #- (ust under 106 in the ,uarter and midsingle!digits in the first half of 2012& Deteriorating economicconditions and declining consumer sentiment negati%el- affected to$line& e maintained %olume and %alue share in the s$ar"ling#e%erages categor- as ell as %alue share in total ARTD in =2&

;

C 3olume in SitGerland declined #- mid single!digits in #oth $eriodsunder re%ie& The strong Siss Franc relati%e to the uro results incross!#order acti%it- ith erman- and France& Pac"age mixim$ro%ed in the ,uarter dri%en #- s$ar"ling #e%erages& e gainedshare in #oth s$ar"ling #e%erages and total ARTD in =2&

C 3olume in reece declined in the lo teens in the first six months and#- high single!digits in =2) as our com$ara#le num#ers are im$acted#- the im$lementation of a a%e of austerit- measures in the second

half of 2011 including a 10$$ increase in 3AT rate&C 3olume in Ireland declined in the lo dou#le!digits in =2 and in the

high single!digits in the first six months of the -ear& *ontinuouschallenging economic conditions and unseasona#l- et eather)negati%el- affected our to$ line in =2& 3olume of *oca!*ola Eero grein the mid!teens and Fanta gre #- 276 in the ,uarter&

C oer %olume) increased ra material costs) negati%e categor- and

$ac"age mix dro%e the decline in $rofita#ilit- in the segment) des$itea #enefit in o$erating ex$enses&




De%elo$ing mar"etsDe%elo$ing mar"etsDe%elo$ing mar"etsDe%elo$ing mar"ets

C 3olume in Poland declined #- high single!digits in =2 and #- midsingle!digits in the first six months of the -ear& Poor eather in the,uarter and an unfa%oura#le #ase effect due to an 16 groth in thesame $eriod last -ear) ad%ersel- affected to$ line in the ,uarter&Successful uro 2012 acti%ation and the continuous im$lementation


3olume 4m u&c&5 1 !B6 109 !;6

et sales re%enue 48m5 <B9 !@6 720 !6

*om$ara#le :IT 485> @ !26 1@ !<;6

*om$& :IT margin> 1&06 !B77 #$s B&96 !<<0 #$s

!

sales %olume of Trademar" *oca!*ola $roducts& e gained #oth%olume and %alue share in the s$ar"ling #e%erages categor- in =2&

C 3olume in +ungar- declined in the mid single!digits in =2) com$aredto a high single!digit increase in the same $eriod last -ear& *oca!*olaEero %olume gre #- lo dou#le!digits in the ,uarter) hile (uice%olume gre #- lo single!digits reflecting our focus on the 1lt PT#ottle&

C 3olume in the *Gech Re$u#lic declined in the high single!digits in #oth$eriods under consideration& The successful launch of the FantaStra#err-Kii su$$orted high single!digits %olume groth for the#rand in the ,uarter& *oca!*ola Eero) gre #- lo single!digits&Pac"age mix im$ro%ed in =2) dri%en #- s$ar"ling #e%erages&

C ?ur de%elo$ing mar"ets segment as the most affected #- higherin$ut costs& In addition) during the ,uarter) loer %olume and negati%eim$act from currenc- mo%ements more than offset the #enefits of ourre%enue groth initiati%es) resulting in loer o$erating $rofits&




merging mar"etsmerging mar"etsmerging mar"etsmerging mar"ets

C 3olume in Russia increased in the lo dou#le!digits in the ,uarter)reflecting dou#le!digit groth in all categories exce$t ater) hich gre#- lo single!digits& *oca!*ola gre #- 276) Fanta #- 2@6) hile #othour core (uice #rand Do#r- and our $remium #rand Rich registered 126%olume groth in =2& e gained #oth %olume and %alue share in the


3olume 4m u&c&5 B ! 292 26

et sales re%enue 48m5 1)<7B 106 9B1 176

*om$ara#le :IT 485> 110 796 119 7<6

*om$& :IT margin> ;&16 1B@#$s 12&@6 20< #$s

9

C 3olume in igeria declined #- mid single!digits in =2) and #- high single!digits in the first six months of the -ear) mainl- due to the continuoussocial unrest in the orth and the negati%e im$act on dis$osa#le income

from a B76 reduction in the State fuel su#sid-&

C 3olume in Romania declined in the lo single!digits in #oth $eriods underre%ie& Trademar" *oca!*ola $roducts %olume gre in the lo single!digits) dri%en #- a 7@6 increase in *oca!*ola Eero& Pac"age mixim$ro%ed) hile e gained share in s$ar"ling #e%erages in =2&

C 3olume in /"raine declined in the high single!digits in #oth $eriods underre%ie& conomic uncertaint- and $olitical %olatilit- continue to ha%e anad%erse im$act on demand& ?ur successful 2012 acti%ation cam$aignresulted in mid single!groth in the %olume of Trademar" *oca!*ola$roducts and $ac"age mix im$ro%ement in =2&

C :enefits from re%enue groth initiati%es and higher %olume) more than

offset higher in$ut costs and o$erating ex$enses) as ell as unfa%oura#lecurrenc- mo%ements) resulting in higher o$erating $rofit&




:usiness outloo":usiness outloo":usiness outloo":usiness outloo"

C e ex$ect challenging trading conditions to $ersist across most of our mar"ets&

C e no ex$ect a mid single!digits increase in in$ut costs in the full -ear)com$ared to high single!digits $re%iousl-) reflecting loer PT $rices

C ?ur re%enue groth management strateg-) dri%en #- ?:PP* initiati%es) is focused on full- offsetting the in$ut cost increase in a#solute terms in the full!-ear&

C The #enefit from the easing in the in$ut cost en%ironment is ex$ected to #e full-

10

o se - un a%oura e currenc- mo%emen s&

C :ased on current s$ot rates) e ex$ect an a$$roximatel- 8<<m negati%e im$act from currenc- mo%ements on 2012 :IT) mainl- due to the ea"ening of the urorelati%e to the /SL) and the im$act of the uroGone de#t crisis on some of ourde%elo$ing and emerging mar"et currencies&

C In light of the continued %olatilit- in the external en%ironment) e are acceleratingthe im$lementation of our restructuring initiati%es and e no ex$ect to incur $re!tax restructuring charges of 8100m in 2012& The related #enefits are estimated at8;0m on an annualised #asis& Total #enefits from restructuring initiati%es areex$ected to reach 8<0m in 2012&

C e reiterate our guidance for the three!-ear $eriod ending in Decem#er 201B)ex$ecting free cash flo generation of 81&B<#n& e also ex$ect cumulati%e ca$italex$enditure of 81&B<#n in the same $eriod&



11

Financial ?%er%ieFinancial ?%er%ieFinancial ?%er%ieFinancial ?%er%ie

for six months ended for six months ended for six months ended for six months ended

29 June 201229 June 201229 June 201229 June 2012



Six Months 2012NSix Months 2012NSix Months 2012NSix Months 2012NPO highlights 4re$orted5PO highlights 4re$orted5PO highlights 4re$orted5PO highlights 4re$orted5

/R? 4million5/R? 4million5/R? 4million5/R? 4million5Six MonthsSix MonthsSix MonthsSix Months

2012201220122012Six MonthsSix MonthsSix MonthsSix Months

20112011201120112012 %s2012 %s2012 %s2012 %s

2011201120112011

3olume 4million u&c&5 1)010&< 1)07@&7 !26

et Sales Re%enue 7)B72&1 7)79<&; 16

ross Profit 1)27;&0 1)299& !<6

12

?$erating x$enses 41)0B9&<5 41)0<1&15 06Restructuring *osts 41;&@5 41@&5 <6

?$erating Profit 4:IT5?$erating Profit 4:IT5?$erating Profit 4:IT5?$erating Profit 4:IT5 1@9&91@9&91@9&91@9&9 271&9271&9271&9271&9 !2;6!2;6!2;6!2;6

et Profit 91&2 172&< !716

:ITDA 7@;&@ B2<&0 !1B6

ross Profit Margin 7@&06 7&76

:IT Margin <&06 @&6:ITDA Margin 10&;6 12&<6



/R? 4million5/R? 4million5/R? 4million5/R? 4million5

Six MonthsSix MonthsSix MonthsSix Months

2012201220122012


2011201120112011

2012 %s2012 %s2012 %s2012 %s

2011201120112011

3olume 4million u&c&5 1)010&< 1)07@&7 !26et Sales Re%enue 7)B72&1 7)79<&; 16

ross Profit 1)2B1&2 1)299& !<6

Six Months 2012NSix Months 2012NSix Months 2012NSix Months 2012NPO highlights 4com$ara#le5PO highlights 4com$ara#le5PO highlights 4com$ara#le5PO highlights 4com$ara#le5

$era ng x$enses ) & ) &

?$erating Profit 4:IT5?$erating Profit 4:IT5?$erating Profit 4:IT5?$erating Profit 4:IT5 191&;191&;191&;191&; 2B&;2B&;2B&;2B&; !276!276!276!276

et Profit 109&1 1B@&0 !2<6

:ITDA 7;&B BB0&7 !126

ross Profit Margin 7@&26 7&76

:IT Margin <&@6 ;&76

:ITDA Margin 11&76 17&06




Six Months 2012NSix Months 2012NSix Months 2012NSix Months 2012Nross Profit 4re$orted5ross Profit 4re$orted5ross Profit 4re$orted5ross Profit 4re$orted5



2012201220122012


2011201120112011

2012 %s2012 %s2012 %s2012 %s

2011201120112011

et Sales Re%enue 7)B72&1 7)79<&; 16

1B

) & ) &

ross Profit 1)27;&0 1)299& !<6

C et sales re%enue $er unit case as u$ #- 12 cent 4 B65 %s 2011

C *ost of sales $er unit case as u$ #- 1< cents 4;65 %s 2011C ross $rofit $er unit case decreased #- 7 cents 4!265 %s 2011

C ross $rofit margin decreased #- 220#$s to 7@&06



Six Months 2012NSix Months 2012NSix Months 2012NSix Months 2012N?$ex $er unit case 4com$ara#le5?$ex $er unit case 4com$ara#le5?$ex $er unit case 4com$ara#le5?$ex $er unit case 4com$ara#le5

/R?/R?/R?/R?

SixSixSixSixMonthsMonthsMonthsMonths

2012201220122012

SixSixSixSixMonthsMonthsMonthsMonths

20112011201120112012 %s2012 %s2012 %s2012 %s

2011201120112011

Sales 0&79 0&7 B6

Mar"etin 0&12 0&12 !B6

1<4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs incurred& Discre$ancies in groth rates are due torounding&

arehouse Distri#ution 0&72 0&70 76

Administration 0&21 0&21 26

Total o$eratingTotal o$eratingTotal o$eratingTotal o$eratingex$ensesex$ensesex$ensesex$enses

1&0B1&0B1&0B1&0B 1&011&011&011&01 26262626



Six Months 2012 NSix Months 2012 NSix Months 2012 NSix Months 2012 Net Profit 4re$orted5et Profit 4re$orted5et Profit 4re$orted5et Profit 4re$orted5


SixSixSixSix

MonthsMonthsMonthsMonths

2012201220122012


2011201120112011

2012 %s2012 %s2012 %s2012 %s

2011201120112011

?$erating $rofit 4:IT5 1@9&9 271&9 !2;6

Finance costs O other 4B7&15 4BB&05 !26

1@

Profit #efore tax 12@& 1;&9 !776

Tax 47B&;5 4<1&25 !726

Minorit- interests 40&95 4B&25 !;96

et Profit et Profit et Profit et Profit 91&291&291&291&2 172&<172&<172&<172&< !716!716!716!716

arnings $er Share 4in euros5arnings $er Share 4in euros5arnings $er Share 4in euros5arnings $er Share 4in euros5 0&2<0&2<0&2<0&2< 0&7;0&7;0&7;0&7; !726!726!726!726



Six Months 2012NSix Months 2012NSix Months 2012NSix Months 2012Net Profit 4com$ara#le5et Profit 4com$ara#le5et Profit 4com$ara#le5et Profit 4com$ara#le5


SixSixSixSix


2012201220122012

SixSixSixSix


2011201120112011

2012 %s2012 %s2012 %s2012 %s

2011201120112011

?$erating $rofit 4:IT5 191&; 2B&; !276

Finance costs O other 4B7&15 4BB&05 !26

1;4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&

Profit #efore tax 1B&@ 20B&; !2;6

Tax 47&@5 4<B&<5 !296

Minorit- interests 40&95 4B&25 !;96

et Profit et Profit et Profit et Profit 109&1109&1109&1109&1 1B@&01B@&01B@&01B@&0 !2<6!2<6!2<6!2<6

arnings $er Share 4in euros5arnings $er Share 4in euros5arnings $er Share 4in euros5arnings $er Share 4in euros5 0&700&700&700&70 0&B00&B00&B00&B0 !2<6!2<6!2<6!2<6



Six Months 2012Six Months 2012Six Months 2012Six Months 2012NNNNFree *ash FloFree *ash FloFree *ash FloFree *ash Flo



2012201220122012


2011201120112011

2012201220122012

%s 2011%s 2011%s 2011%s 2011

Ad(usted :ITDA>Ad(usted :ITDA>Ad(usted :ITDA>Ad(usted :ITDA> 7@;&@7@;&@7@;&@7@;&@ B2<&0B2<&0B2<&0B2<&0 4<;&B54<;&B54<;&B54<;&B5

*hange in or"ing *a$ital 4@7&15 499&95 7@&

1

4>5 e define ad(usted :ITDA as o$erating $rofit #efore deductions for de$reciation 4included #oth in cost of goods sold and ino$erating ex$enses5) im$airment of $ro$ert-) $lant and e,ui$ment) stoc" o$tion com$ensation) im$airment of intangi#le assets)amortisation of and ad(ustments to intangi#le assets and other non!cash items&

Tax $aid 47;&15 47&@5 1&<oss 4ain5 on asset dis$& 2&0 42&@5 B&@

*ash Flo from o$erations*ash Flo from o$erations*ash Flo from o$erations*ash Flo from o$erations 2@9&B2@9&B2@9&B2@9&B 27&927&927&927&9 41B&<541B&<541B&<541B&<5

et ca$ital ex$enditure 41;7&5 41@@&<5 4;&75

Free *ash FloFree *ash FloFree *ash FloFree *ash Flo 9<&@9<&@9<&@9<&@ 11;&B11;&B11;&B11;&B 421&5421&5421&5421&5



/R? 4million5/R? 4million5/R? 4million5/R? 4million5 29!Jun!1229!Jun!1229!Jun!1229!Jun!12 71!Dec!1171!Dec!1171!Dec!1171!Dec!11

Total non!current assetsTotal non!current assetsTotal non!current assetsTotal non!current assets <)2@9&@<)2@9&@<)2@9&@<)2@9&@ <)1<&1<)1<&1<)1<&1<)1<&1

In%entories @19&0 B<1&<

Trade and other recei%a#les 1)2@9&@ 1)122&B*ash and e,ui%alents B@@&0 B;@&1

Total current assetsTotal current assetsTotal current assetsTotal current assets 2)7<B&@2)7<B&@2)7<B&@2)7<B&@ 2)0<0&02)0<0&02)0<0&02)0<0&0

Total assetsTotal assetsTotal assetsTotal assets ;)@2B&2;)@2B&2;)@2B&2;)@2B&2 ;)27<&1;)27<&1;)27<&1;)27<&1

Six Months 2012Six Months 2012Six Months 2012Six Months 2012NNNN:alance sheet :alance sheet :alance sheet :alance sheet

Short!term #orroings 2@B&; 721&<?ther current lia#ilities 2)00&7 1)<99&9

Total current lia#ilitiesTotal current lia#ilitiesTotal current lia#ilitiesTotal current lia#ilities 2)2;7&02)2;7&02)2;7&02)2;7&0 1)921&B1)921&B1)921&B1)921&B

ong!term #orroings 1)9;1&9 1)97B&<

?ther non!current lia#ilities B;& B@@&0Total non!current lia#ilitiesTotal non!current lia#ilitiesTotal non!current lia#ilitiesTotal non!current lia#ilities 2)B<0&;2)B<0&;2)B<0&;2)B<0&; 2)B00&<2)B00&<2)B00&<2)B00&<

Total e,uit-Total e,uit-Total e,uit-Total e,uit- 2)900&<2)900&<2)900&<2)900&< 2)917&22)917&22)917&22)917&2

Total e,uit- and lia#ilitiesTotal e,uit- and lia#ilitiesTotal e,uit- and lia#ilitiesTotal e,uit- and lia#ilities ;)@2B&2;)@2B&2;)@2B&2;)@2B&2 ;)27<&1;)27<&1;)27<&1;)27<&1

19



=2 2012N=2 2012N=2 2012N=2 2012NPO highlights 4re$orted5PO highlights 4re$orted5PO highlights 4re$orted5PO highlights 4re$orted5

/R? 4million5/R? 4million5/R? 4million5/R? 4million5 =2 2012=2 2012=2 2012=2 2012 =2 2011=2 2011=2 2011=2 20112012 %s2012 %s2012 %s2012 %s

2011201120112011

3olume 4million u&c&5 <<&0 @02&< !76

et Sales Re%enue 1)99<&@ 1)9;9&@ 16

ross Profit ;B0&@ ;;&2 !<6

20

?$erating x$enses 4<<7&;5 4<<;&25 !16Restructuring *osts 4B&25 4@&;5 !7;6

?$erating Profit ?$erating Profit ?$erating Profit ?$erating Profit 12&;12&;12&;12&; 21B&721B&721B&721B&7 !1<6!1<6!1<6!1<6

et $rofit 119&@ 1B1&B !1<6

:ITDA 2<&0 711&9 !96

ross Profit Margin 7;&16 79&76

:IT Margin 9&26 10&6

:ITDA Margin 1B&76 1<&6



=2 2012N=2 2012N=2 2012N=2 2012NPO highlights 4com$ara#le5PO highlights 4com$ara#le5PO highlights 4com$ara#le5PO highlights 4com$ara#le5

/R? 4million5/R? 4million5/R? 4million5/R? 4million5 =2 2012=2 2012=2 2012=2 2012 =2 2011=2 2011=2 2011=2 2011

2012 %s2012 %s2012 %s2012 %s

2011201120112011

3olume 4million u&c&5 <<&0 @02&< !76et Sales Re%enue 1)99<&@ 1)9;9&@ 16

ross Profit ;B;&0 ;;&2 !B6


?$erating x$enses 4<<7&;5 4<<;&25 !16?$erating Profit 4:IT5?$erating Profit 4:IT5?$erating Profit 4:IT5?$erating Profit 4:IT5 197&7197&7197&7197&7 221&0221&0221&0221&0 !176!176!176!176

et Profit 12;& 1B;&0 !176

:ITDA 29B&2 71;&; !;6

ross Profit Margin 7;&B6 79&76

:IT Margin 9&;6 11&26

:ITDA Margin 1B&;6 1@&06



=2 2012N=2 2012N=2 2012N=2 2012Nross Profit 4re$orted5ross Profit 4re$orted5ross Profit 4re$orted5ross Profit 4re$orted5


2012 %s2012 %s2012 %s2012 %s

2011201120112011

et Sales Re%enue 1)99<&@ 1)9;9&@ 16

*ost of Sales 41)2<<&05 41)201&B5 B6

22

ross Profit ;B0&@ ;;&2 !<6

C et sales re%enue $er unit case as u$ #- 17 cents 4B65 %s =2 2011

C *ost of sales $er unit case increased #- 1< cents 465 %s =2 2011

C ross $rofit $er unit case decreased #- 7 cents 4265 %s =2 2011

C ross $rofit margin decreased to 7;&16 from 79&76 4a decreaseof 220 #$s %ersus last -ear5



=2 2012N=2 2012N=2 2012N=2 2012N?$ex $er unit case 4com$ara#le5?$ex $er unit case 4com$ara#le5?$ex $er unit case 4com$ara#le5?$ex $er unit case 4com$ara#le5

/R?/R?/R?/R?=2 2012=2 2012=2 2012=2 2012 =2 2011=2 2011=2 2011=2 2011

2012 %s2012 %s2012 %s2012 %s

2011201120112011

Sales 0&7B 0&77 76

274>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs& Discre$ancies in groth rates are due to rounding&

ar e ng & & !

arehouse Distri#ution 0&70 0&29 B6

Administration 0&19 0&1 76

Total o$eratingTotal o$eratingTotal o$eratingTotal o$eratingex$ensesex$ensesex$ensesex$enses

0&9<0&9<0&9<0&9< 0&920&920&920&92 26262626



=2 2012N=2 2012N=2 2012N=2 2012Net Profit 4re$orted5et Profit 4re$orted5et Profit 4re$orted5et Profit 4re$orted5

/R? 4million5/R? 4million5/R? 4million5/R? 4million5 =2 2012=2 2012=2 2012=2 2012 =2 2011=2 2011=2 2011=2 20112012 %s2012 %s2012 %s2012 %s

2011201120112011

?$erating $rofit 12&; 21B&7 !1<6

2B

Finance costs O other 421&<5 42B&@5 !176Profit #efore tax 1@1&2 19&; !1<6

Tax 4B0&5 4B<&15 !106

Minorit- interests 40&5 47&25 !;<6et $rofit et $rofit et $rofit et $rofit 119&@119&@119&@119&@ 1B1&B1B1&B1B1&B1B1&B !1<6!1<6!1<6!1<6

arnings $er Share 4in euros5arnings $er Share 4in euros5arnings $er Share 4in euros5arnings $er Share 4in euros5 0&770&770&770&77 0&790&790&790&79 !1<6!1<6!1<6!1<6

=2 2012=2 2012=2 2012=2 2012



=2 2012N=2 2012N=2 2012N=2 2012Net Profit 4com$ara#le5et Profit 4com$ara#le5et Profit 4com$ara#le5et Profit 4com$ara#le5


2012 %s2012 %s2012 %s2012 %s

2011201120112011

?$erating $rofit 197&7 221&0 !176

!

2<4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&

& &

Profit #efore tax 1;1& 19@&B !176

Tax 4B7&25 4B@&25 !@6

Minorit- interests 40&5 47&25 !;<6

et $rofit et $rofit et $rofit et $rofit 12;&12;&12;&12;& 1B;&01B;&01B;&01B;&0 !176!176!176!176

arnings $er Share 4in euros5arnings $er Share 4in euros5arnings $er Share 4in euros5arnings $er Share 4in euros5 0&7<0&7<0&7<0&7< 0&B00&B00&B00&B0 !176!176!176!176



26

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