TURKEY: Foreign currency loans hamper Coca-Cola Icecek FY but sales, EBITDA rise
- Full-year net profits plunge by 29% to TRL140.3m (US$78.5m)
- Sales for 2011 jump by 23.8% to TRL3.41bn
- EBITDA increases by 12% to TRL486.9m
- Volumes rise driven by international operations
Coca-Cola Icecek is targeting value over volumes in 2012
Coca-Cola Icecek has seen its net profits for 2011 pulled back by foreign currency-denominated financial loans, but toasted strong sales and EBITDA for the year.
The Turkey-based company announced yesterday (28 March) that net profits for the 12-month period fell by 29% year-on-year, coming in at TRL140.3m (US$78.5m), with the company highlighting "higher non-cash foreign exchange losses from foreign currency-denominated financial loans" for the fall. Sales, however, leapt by 23.8% to TRL3.41bn, while EBITDA rose by 12% to TRL486.9m.
The firm credited its international operations, which delivered 26% volume growth, as driving the full-year performance, although domestic operations also held up well, delivering a 10.6% lift in volumes.
“2011 was another strong year for CCI," said company CEO, Damian Gammell. "We continue to execute our strategic plan as we successfully grew net sales revenue ahead of volume growth.
"As we look ahead," he continued, "we expect our volumes to continue grow, driven by a mid-single digit growth in Turkey and mid-teens growth in international operations. We expect our sales revenue to grow faster than our volume performance. We also expect a flat to positive EBITDA margin performance."
The company also noted in its results statement that it agreed last month to acquire a 65% stake in Al Waha Beverages in South Iraq. "Iraq offers significant growth potential with its 33m population, of which 70% are less than 30 years of age," Gammell added.
To read Coca-Cola Icecek's official release, click here.
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