IFRS results for the year ended December 31, 2006 April 2, 2007 Michael A. O Neill CEO

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1 IFRS results for the year ended December 31, 2006 April 2, 2007 Michael A. O Neill CEO 1

2 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 be identified by the use of words such as may, will, expect, intend, estimate, anticipate, plan, target, believe or other words of similar meanings. These forward-looking statements reflect the current 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 CCI s expectations include, without limitation: changes in CCI s relationship with The Coca-Cola Company and its exercise of its rights under our bottler's agreements; CCI s ability to maintain and improve its competitive position in its markets; CCI s ability to obtain raw materials and packaging materials at reasonable prices; changes in CCI s relationship with its significant shareholders; the level of demand for its products in its markets; fluctuations in the value of the New Turkish Lira or the level of inflation in Turkey; other changes in the political or economic environment in Turkey or CCI s other markets; adverse weather conditions during the summer months; changes in the level of tourism in Turkey; CCI s ability to successfully implement its strategy; and other factors. Should any of these risks and uncertainties materialize, or should any of management s underlying assumptions prove to be incorrect, CCI s actual results of operations or financial condition could differ materially from that 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. 2

3 Strong Growth in 2006 Turkey Volume (Unit cases in millions) International Volume (Unit cases in millions) Consolidated Volume (Unit cases in millions) % % % FY05 FY06 FY05 FY06 Proforma FY FY06 Unit case sales volume increased by 33.5%, from million unit cases to million unit cases. On a pro-forma basis, unit case sales volume increased by 47.1 million unit cases, from million unit cases to million unit cases. 3

4 Strong Growth in 2006 Turkey Net Sales (IFRS - YTL in millions) International Net Sales (IFRS US$ in millions) Consolidated Net Sales (IFRS - YTL in millions) % 1, , % % 1,382.9 FY05 FY06 FY05 FY06 Proforma FY05 1,667.2 FY06 Net sales increased by 40.1% from YTL 1,190.4 million to YTL 1,667.2 million YTL million of the increase is attributable to International operations 4

5 Strong Growth in 2006 Turkey EBITDA (IFRS - YTL in millions) International EBITDA (IFRS US$ in millions) Consolidated EBITDA (IFRS - YTL in millions) % % 15.8% % % 16.0% % 16.0% % FY05 FY06 FY05 FY06 Proforma FY % 16.0% Consolidated EBITDA increased as a result of increased EBIT and depreciation expense related to the inclusion of International operations. Turkish operations EBITDA margin decreased due to flat non-cash expenses versus prior year despite an 18.8% increase in sales revenue. Increased consumer discounts in 4Q in order to reverse the slowdown in consumer pull impacted EBITDA. International operations EBITDA margin on a pro-forma basis increased from 14.9% to 16.0%. FY06 5

6 2006 Highlights Strong organic growth in all operations IPO Process managed and completed successfully Merger with Efes Invest completed Jordan making good progress A new company established in Iraq Mahmudiye acquisition completed and new source water Damla launched in March

7 Turkey Additional consumer marketing initiatives increased CSD sales by 12.2%, leading to a 2 pp gain in share Product innovation; Damla Natural Source Water, Pet1.5lt, new Cappy 100% flavors, Turkey chosen for the International launch of the new Coke campaign "Coke Side of Life" Higher aluminum can prices more than offset by lower sweetener cost Capacity increased (including Mahmudiye) from 428 mn u/c to 472 mn u/c in

8 International Operations Central Asia Strong CSD leadership continues; share gains of 3.4 pp in Kazakhstan and 1.6 pp in Azerbaijan Capacity increased by 14 million u/c to 32 million u/c in Azerbaijan Increased cooler penetration - 41% in Kazakhstan and 12% in Azerbaijan Route-to-market improvements in Kazakhstan and Azerbaijan while restructuring Kyrgyzstan route-to-market Launched 330ml Can package in CSDs, juice, and ice tea Capacity expansion in Kazakhstan and Azerbaijan, driven by strong demand A new sales & distribution company is established in Tajikistan 8

9 International Operations Middle East Jordan restructuring completed and capacity increase underway Bottled water launched in Jordan New route-to-market system operational in Jordan and Iraq A new company established in Northern Iraq with local production planned 50% of Syrian bottler ( SSDSD ) is acquired 9

10 Financial Review Burak Başarır CFO 10

11 Introduction to Financial Statements Basis of Preparation Functional Currency Reporting Currency Consolidated / Turkey YTL YTL International USD USD Net Sales Net of discounts and special consumption tax for Turkish operations EBITDA is defined as profit from operations plus depreciation and amortization (included both in cost of sales and in selling, general and administrative expenses), impairment loss, retirement and vacation pay and gain (loss) on disposal of fixed assets YTL/$ Exchange Rates December 31, December 31, Inflation Rate Year-on-Year Year-to-Date December 31, % 9.60% Presentation of Financials Accounting standard is IFRS. Starting from 2007 CCI will report only one set of financials which will be prepared in accordance with International Financial Reporting Standards ( IFRS ) as per regulations of the Capital Markets Board of Turkey ( CMB ). The CCI income statement for the period ended December 31, 2005, represents the stand-alone Turkish results plus results of the 45-days for Efes Invest, for the period between November 15, 2005, and December 31, Comparing the results of 2006 and 2005, the pro-forma income statement for the period was also used. The Pro-forma income statement was prepared with the assumption that the acquisitions of Efes Invest by CCI and CCBCJ by Efes Invest were completed on January 1, 2005, and included the consolidated results of the three companies for the period ended December 31,

12 Key Financials Financial Period Ended December 31 st (YTL in millions unless otherwise stated) Sales Volume (UC m) Net Revenue Gross Profit Gross Profit Margin EBITDA EBITDA Margin EBIT EBIT Margin Net Income (after min. int.) , % % % Proforma vs vs. 05 Proforma , % % % , % % % % 40.1% 42.3% 37.8% 49.6% 12.5% 20.6% 23.6% 20.1% 22.6% 11.0% 11.2% YTL 9.6 million of F/X losses is non-cash All foreign currency debt maturing in 2007 is fully hedged Note: Turkmenistan is equity accounted, not including sales volume. 12

13 Balance Sheet Assets Financial Year Ended December 31, 2005 Financial Period Ended December 31,2006 Liabilities andequity Financial Year Ended December 31, 2005 Financial Period Ended December 31, 2006 (YTL in millions unless otherwise stated) Cash & cash equivalents Accounts receivables Investment in securities Inventories Other current assets TOTAL CURRENT ASSETS PP&E Intangible Assets Other non-current assets TOTAL NON-CURRENT ASSETS ,064.5 Short-term debt Accounts payable Income tax payable Other current liabilities TOTAL CURRENT LIABILITIES Deferred tax liability Long-term debt Other non-current assets TOTAL NON CURRENT LIABILITIES Shareholders equity TOTAL ASSETS 1, ,471.4 TOTAL LIABLITIES AND EQUITY 1, ,471.4 Net Debt was US$225.1mn as of 2006, which is 1.2x EBITDA. Capex as a % of net sales was 11.4% in Workin capital as a percentage of net sales was 10.6%. 13

14 2007 Outlook Outlook EBITDA growth in excess of volume growth Management s Focus Volume growth Revenue growth EBITDA margin CAPEX Capital spending is expected to be approximately 11% of revenues. 14

15 Q&A Session 15

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