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FY10 ResultsMarch 29, 2011Istanbul
Michael A. ONeill CEON. Orhun Kstem CFO
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Forward-Looking StatementsThis presentation includes forward-looking statements including, but not limited to, statements regarding Coca-Cola
eceks (CCI)plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-
looking statements can generally be identified by the use of words such as may, will, expect, intend, estimate, anticipate, plan, target, believe or other words of similar meaning. These forward-looking statements reflect thecurrent views and assumptions of management and are inherently subject to significant business, economic and other risks
and uncertainties. Although management believes the expectations reflected in the forward-looking statements are
reasonable, at this time, you should not place undue reliance on such forward-looking statements. Important factors that
could cause actual results to differ materially from CCIs expectations include, without limitation: changes in CCIs relationship with The Coca-Cola Company and its exercise of its rights under our bottler's agreements; CCIsability tomaintain and improve its competitive position in its markets; CCIsability to obtain raw materials and packaging materialsat reasonable prices; changes in CCIsrelationship with its significant shareholders; the level of demand for its products inits markets; fluctuations in the value of the Turkish Lira or the level of inflation in Turkey; other changes in the political or
economic environment in Turkey or CCIsother markets; adverse weather conditions during the summer months; changesin the level of tourism in Turkey; CCIsability to successfully implement its strategy; and other factors. Should any of theserisks and uncertainties materialize, or should any of managements underlying assumptions prove to be incorrect, CCIs actual results from operations or financial conditions could differ materially from those described herein as anticipated,
believed, estimated or expected. Forward-looking statements speak only as of the date of this press release and CCI has no
obligation to update those statements to reflect changes that may occur after that date.
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2010 Review
Reported 665 million unit cases of sales volume in 2010, up
by 13.5%
All categories delivered double digit growth in 2010
Delivered on our long-term strategic trust; EBITDA ahead of
revenue and revenue ahead of volume growth
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Turkey74.3%
International25.7%
Pakistan34%
Kazakhstan24%
Azerbaijan19%
Jordan 7%
Turkmenistan 7%Kyrgyzstan 5%
Iraq 3%
Syria 1%
2010 Sales Volume Breakdown
Volume split of InternationalOperations (uc) - By Country
Volume split (uc) ConsolidatedVolume split (uc) - Geography
Sparkling72.7%
Still19.5%
Tea 7.8%
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Turkey sales volume up by 12.6% in 2010
Strong performance in all categories
Macro outlook and above average weather temperatures
supporting top-line growth
Turkey
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Damla MineraNatural - flavored
Cappy Ramadanerbeti and
Lemonade Cherry
Coke 3L
New Introductions inNRTD Tea category
Nestea Mango -Pineapple
Doadan RTD
Product Introductions in 2010 in Turkey
Fanta Tangerineand Blood Orange
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International Operations
International Operations sales volume reached 171
million unit cases in 2010, up by 16%
Central Asia volume up by 25%
Iraq sustained its strong volume growth
Growth driven by customized RTM strategies and local
product innovations
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Pakistan Update
Volume up by 8.3% for the full year
negative effect of floods in the third quarter
growth recovered to low teens in 4Q10.
Market share improved to 28.7% on the back of
accelerated cooler investments and increased market
penetration
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Product Introductions in 2010 - International
Piko Pulpy PET 0.5L
Tropic & LemonKazakhstan
Piko Pulpy
PET 1LOrangeKazakhstan
Nestea PET 1L
Lemon and PeachKazakhstan
Fanta Lemonades
PET 0.5,1, 1.5LDushes and BuratinoKyrgyzstan, Kazakhstan
Cappy relaunch PET330ml, 1.5L Orange
- IraqOrange, Grape and
Mango - Jordan
Fanta Fruity
PET 2.25LCan 250ml Jordan
Special Productfor Ramadan Coke
PET 3LAzerbaijan
Piko Tempo PET500ml multi-fruit &
apple-peachKazakhstan
Cappy Sourcherry,Peach, Multifruit
and 100% Orange200ml - Azerbaijan
Fruktime PET 1L Pear,Buratino, Lemon -
Kyrgyzstan
NRB 250ml
Coca-ColaCoca-Cola ZeroFanta Orange
Syria
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Market Shares & Positions
Sparkling
68.9% #1 69.2% #1
28.7% #2 27.8% #2
34.2% #1 34.2% #1
56.2% #1 52.6% #1
12.2% #2 13.2% #2
8.9% #2 10.5% #2
n.a. #1 n.a. #1
n.a. #1 n.a. #1
Kazakhstan
Pakistan
Turkey (1)
Azerbaijan
Kyrgyzstan (3)
Turkmenistan (3)
2010
Source: Nielsen,(1) Nielsen Database Adjustment(2) MEMRB
(3) CCI Estimate
Jordan
Syria (2)
Water
9.2% #2 8.8% #3
9.6% #3 7.7% #3
6.6% #3 4.6% #4
54.5% #1 48.9% #1
Fruit Juices & Nectars
24.5% #1 25.1% #1
1.1% #9 1,6% #8
8.1% #3 8.0% #3
6.1% #5 4.9% #6
2009 2010 2009 2010 2009
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349.9
422.8
FY09 FY10
1,868.2
2,121.4
FY09 FY10
2,407.5
2,753.2
FY09 FY10
Net sales up by 14.4% in FY10 Turkey Net Sales
(TL in millions) (US$ in millions) (TL in millions)
Consolidated up by 24.9% to TL 529.2 million
Turkey up by 22.9% to TL 399.8 million
International up by 32.3% to US$ 89.9 million
4 Q1
0
Turkey Net Sales International Net Sales Consolidated Net Sales
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368.7
435.0
FY09 FY10
47.169.5
FY09 FY10
296.6
342.5
FY09 FY10
EBITDA up by 18.0% in FY10Turkey Net Sales
(TL in millions) (US$ in millions) (TL in millions)
Consolidated up by 42.7% to TL 35.2 million
Turkey up by 17.7% to TL 22.6 million
International up by 90.9% to US$ 10.4 million
4 Q1
0
Turkey EBITDA International EBITDA Consolidated EBITDA
*EBITDA Margin (Excl Other)
15.9%
14.8%
16.5%
13.5%
16.1%
14.5%* *
*
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Financial ReviewN. Orhun Kstem CFO
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TL/$Year-End
TL/$Average
December31, 2010 1,5460
December31, 2010 1,4990
December31, 2009 1,5057
December31, 2009 1,5457
2.7% (3.0%)
Consolidated /Turkey International*
FunctionalCurrency TL USD
ReportingCurrency TL USD
Introduction to Financial Statements
InflationAnnual
December 31, 2010 6.40%
Basis of Preparation
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Accounting standard is IFRS as per regulations of the Capital Markets Board of Turkey (CMB).
The Groups interest in joint ventures is accounted by way of proportionateconsolidation.
The functional currency of CCBPL is Pakistan Rupee (PKR).
DefinitionsNet Sales Net of discounts and special consumption tax for Turkishoperation
EBITDA = EBIT + Amortization & Depreciation + Relevant Non Cash Expensesincluding Provision for Employee Benefits - Relevant Non-cash incomeincluding Negative Goodwill
Presentation
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FY10 FY09 Change% 4Q10 4Q09Change
%
Consolidated(TL million)
Volume 665.4 586.5 13.5% 130.2 109.8 18.5%Net Sales 2,753.2 2,407.5 14.4% 529.2 423.8 24.9%
EBITDA 435.0 368.7 18.0% 35.2 24.7 42.7%
EBITDAMargin 15.8% 15.3% 0.5 pp 6.6% 5.8% 0.8 pp
NetIncome 197.7 169.6 16.6% (41.7) (17.3) n.m.
Turkey(TL million)
Volume 494.4 438.9 12.6% 95.5 81.7 17.0%
Net Sales 2,121.4 1,868.2 13.6% 399.8 325.2 22.9%
EBITDA 342.5 296.6 15.5% 22.6 19.2 17.7%
EBITDAMargin 16.1% 15.9% 0.3 pp 5.7% 5.9% (0.2 pp)
International(US$ million)
Volume 171.0 147.6 15.9% 34.6 28.2 22.8%Net Sales 422.8 349.9 20.8% 89.9 67.9 32.3%
EBITDA 69.5 47.1 47.7% 10.4 5.5 90.9%
EBITDAMargin 16.4% 13.5% 3.0 pp 11.6% 8.0% 3.6 pp
Key Financials Consolidated
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MaturityDate 2011 2012 2013 2014 2015
% of total debt 50% 1% 45% 2% 2%
Million FY10 FY09
USD denominated* 548 593 -8%EURO denominated* 43 66 -35%
TL denominated 294 218 35%
Other (in TL terms) 10 23 -57%
Total Financial Debtin TL 1246 1289 -3%
Total Cash &Equivalent in TL 599 585 2%
Net Debt in TL 647 704 -8%
Net Debt in US$ 418 468 -11%
Debt Structure
*In original currency
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2009 2010
Financial Leverage and FCF
2009 2010
1.91x
1.49x
Net Debt/EBITDA Capex/Net Sales FCF(Excluding acquisitions) (TL million)
5.8%
2009 2010
73.1
110.8
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5.4%
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Closing Remarks
Michael A. ONeill CEO
Closing RemarksMichael A. ONeill CEO
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Coca-Cola Icecek Investor RelationsTel: +90 216 528 3386Fax: +90 216 365 [email protected]
Thank you