Coke Sheet4
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The Coca-Cola System*
2006
2007
2008
Unit sales (mn cases)
21,400
22,700
23,700
Revenues
69,587
78,920
89,316
EBIT
12,667
14,702
16,186
EBITDA
15,580
18,137
19,813
22.4%
23.0%
22.2%
19.3%
15.5%
17.2%
Capital Spending/ Net Revenues 7.4% *Estimated based on the information provided by TCCC
7.6%
7.9%
The Concentrate & Other*
2006
2007
2008
Unit sales (mn cases)
21,400
22,700
23,700
Revenues
19,126
21,296
23,223
EBIT
6,127
7,099
8,182
EBITDA
7,246
8,415
9,674
37.9%
39.5%
41.7%
67.1%
40.8%
45.5%
Capital Spending/ Net Revenues 4.1% *Estimated by excluding the bottling segment of TCCC
3.5%
3.6%
The Combined Bottling Operations*
2006
2007
2008
Unit sales (mn cases)
21,400
22,700
23,700
Revenues
EBITDA Margin ROIC
EBITDA Margin ROIC
66,449
75,657
85,816
EBIT
5,664
6,568
6,943
EBITDA
8,605
10,004
10,531
12.9%
13.2%
12.3%
10.0%
8.5%
9.1%
6.7%
6.9%
EBITDA Margin ROIC
Capital Spending/ Net Revenues 6.4% *Estimated by using the data provided by TCCC and TEB Research
1998 Unit cases Revenue
EBIT* EBIT EBITDA*
EBITDA Capital Spend Capital Spend Excl Bottling Equity Net DEBT Total Capital Employed
Free Cash Flow Capex Equity
Equity Net Debt Cash Working Capital ROIC Australia New Zealand Fiji Indonesia PNG
1999
2000
2001
2002
2003
2004
2005
3.28 2006 21,400 70,144
3.5 2007 22,700 79,470
0.67 3.79 2008 23,700 89,744
12,667 15,580 22.2%
14,702 18% 18,137 22.8%
16,186 18% 19,813 22.1%
7.4% 5,212
7.6% 6,047
7.9% 7,088
65772 19.3% 19.3% 0%
94799 15.5% 15.5% 119%
94332 17.2% 17.2% 105%
2009
183.05 1.97 6922
6783
7777
5799 99,033
0.25
259.56
1998
1999
2000
2001
Unit cases Revenue
2002
2003
2004
19394
20857
4.4% 851
3.9% 812
3.5% 755
21,742
EBIT* EBIT EBITDA*
EBITDA Capital Spend Capital Spend Excl Bottling Equity Net DEBT Total Capital Employed
Free Cash Flow Capex Equity
Equity Net Debt Cash Working Capital ROIC Australia New Zealand Fiji Indonesia PNG
2834 10827 13661
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
2,561 2,086 4646.8
0.0%
0.0%
0.0%
0.0%
0.0%
2005 23,104
3.9% 899 16,335 16335 0.0%
2006 21,400 24,088 19,126 66,449.3 6,308 6,127 7,246 30.1% 6,975 36.5%
2007 22,700 28,857 21,296 75,657.3 7,252 7,099 8,415 29.2% 8,133 38.2%
2008 23,700 31,944 23,223 85,815.8 8,446 8,182 9,674 30.3% 9,282 40.0%
4.1% 1407 989 16920 -4641 12279 9,126 51.4% 67%
3.5% 1648 1,004 21744 1552 23296 17,414 31.1% 41%
3.6% 1948 1,141 20472 3513 23985 17,979 35.2% 46%
2009 8209.61
4,962 70,144 15,432 3,694
183.05 1.97 6922
6783
7777
5799 28,686
0.25
7,561 79,470 17,483 3,813
259.56
8,721 89,744 19,295 3,928
27.27%
26.80%
25.88%
1998 Unit cases Revenue
EBIT* EBIT EBITDA*
1999 985
385
2000 3800 14750
2001 4066 1499
2002
2003
16058
17330
1126
601
1364
1557
2387 16.2%
1954 130.4%
579 3.6%
665 3.8%
8.1% 1200 8.2% 2834 10827 13661
66.7% 1000
2.0% 315.3
2.0% 340.7
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
8.2%
4.0%
34.6%
42.5%
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex
Equity Net Debt Cash Working Capital ROIC
2004
2005
2006 19,804
2007 20,936
2008
2009
21,807 6605
3.3
1,427
1,470
1,326
2,439 12.3%
2,537 12.1%
2,376 10.9%
882
938
981
7448 10022 17470
8611 9393 18004
10516 9029 19545
8.2%
6.8%
938 4.5%
981 4.5%
882
4,963
5,538
6,097
3.99
3.78
3.58
23% 4603 821 4%
23% 4906 1054 5%
23% 4940 1502 7%
574 3%
637 3%
584 3%
6821.9 11761.9
3528.57
6821.9
Coca Cola Femsa Mexico, Central America, Brazil, Venezuela, Colombia, Argentina 1998 1999 2000 2001 Unit cases 985 1008 1086 Revenue 3190.5 3511.2
EBIT* EBIT EBITDA*
385
2002 1286 3881
2003 1359 4064
2004 1,413 4,248
80
125.1
186
258
422
413 12.9%
486 13.8%
579 14.9%
665 16.4%
726 17.1%
6.0% 190
7.1% 250
8.1% 315.3
8.4% 340.7
8.3% 354.4
2639.4 1162 3801.4
2649.1 1261.2 3910.3 95.3 3.2%
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6 147.4 7.0%
2,561 2,086 4646.8
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex
Total Capital Employed Net Debt Cash Working Capital Capital expenditures ROIC Concentrate purchases
4.7%
9.1%
2005 1,578 4,780
2006 1,788 5,616
2007 2,019 6,462 18.6% 703
2008 2,116 6,981
451
507
813 17.0%
905 16.1%
1,067 16.5%
1,039 14.9%
8.6% 411
8.9% 499
8.7% 562
8.8% 615
2,923 1,896 4819.5
2724.1 1721.2 4445.3
3052.3 1888.4 4940.7
2930.8 2090 5020.8
9.4%
11.4%
14.2%
9.1%
905.3 18.9% 89.4 39.8 0.8%
455
9,673.65
10,214.36
0.797
0.668
0.683
5,578
7,396 1,052 1,597
7,347 665 1,520
626
841
900
1049.3 18.7% 87.6 50.4 0.9% 29.9 20.5 83.3 184.1 3.3%
1205.1 18.6% 75.2 53.6 0.8% 44.1 21.9 40.5 160.1 2.5%
1300.9 18.6% 45.8 37.6 15.2 0 98.6 1.4%
2009
CC Enterprises1
CC Femsa
CC Hellenic
CC Amatil
2007
2008
2007
2008
2007
2008
2007
2008
3,973
3,913
2,121
2,243
2,019
2,116
504
511
20,936
21,807
6,306
7,386
9,674
10,214
2,799
2,936
EBIT
1,470
1,326
1,047
1,227
1,052
665
469
520
EBITDA
2,537
2,376
1,320
1,533
1,597
1,520
543
594
12.1%
10.9%
20.9%
20.8%
16.5%
14.9%
19.4%
20.2%
ROIC
8.2%
6.8%
18.4%
19.5%
14.2%
9.1%
18.4%
18.8%
Capital Spend/ Net Revenues
4.5%
4.5%
5.3%
5.8%
8.7%
8.8%
6.4%
6.3%
Coca-Cola Brand
60.0%
59.0%
63.0%
64.0%
43.0%
41.0%
49.0%
48.0%
Other TCCC Products
33.0%
34.0%
33.0%
35.0%
51.0%
54.0%
38.0%
40.0%
7.0%
7.0%
4.0%
1.0%
6.0%
5.0%
13.0%
12.0%
83.2%
82.0%
84.4%
83.1%
63.0%
62.0%
67.0%
66.0%
Still Beverages
9.2%
10.5%
2.0%
3.0%
16.0%
17.0%
6.0%
6.0%
Water
7.6%
7.5%
13.7%
13.9%
21.0%
21.0%
27.0%
28.0%
23%
23%
18%
16%
19%
19%
23%
22%
3%
3%
2%
2%
2%
1%
1%
1%
44
45
39
41
Unit sales (mn cases) Revenues
EBITDA Margin
Sales Volume Breakdown
Company owned Products Sales Cagetory Breakdown Sparkling Beverages
Concentrate Cost/ Revenues Support Received as % of Rev.
*Estimated based on the information provided by TCCC 1 Adjusted for Intangible Impairment
Cooler Per 10K People Population CDS Per Capita Points of Sale
414
416
183
200
547
554
265
273
59
59
66
64
21
22
11
11
###
1,110 1110 ■ Central America 128 ■ Colombia 198 ■ Venezuela 209 ■ Brazil 296 ■ Argentina 179
CC Icecek
TCCC's Bottling
2007
2008
2007
2008
480
534
2,270
2,607
1,481
1,745
7,695
8,931
185
196
153
264
254
278
282
392
17.1%
16.0%
3.7%
4.4%
19.1%
16.9%
1.9%
3.5%
13.9%
13.4%
8.4%
9.0%
N.A.
N.A.
N.A
N.A
N.A.
N.A.
N.A
N.A
N.A.
N.A.
N.A
N.A
79.5%
79.5%
N.A
N.A
15.0%
15.0%
N.A
N.A
5.0%
5.5%
N.A
N.A
19%
19%
N.A
N.A
2%
2%
N.A
N.A
372.92 434.81 39.64 34.57 1925.91 2258.1
1555.9%
Coca Cola Femsa Mexico, Central America, Brazil, Venezuela, Colombia, Argentina 1998 1999 2000 Unit cases 544.2 583 Revenue 1496 1726 14207 16585 2.75 2.96 EBIT* EBIT EBITDA* 438
2001
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex
Equity Net Debt Cash Working Capital ROIC Total Capital Employed Capex Concentrate purchases
6.1%
5.4% 667 308
199.8
2002
2003
2004 1,812 51,276
2005 1,889 53,997
2006 1,998 57,738
2007 2,121 68,969
2008 2,243 82,468
2.3 8,459 8,459 693 16.6% 10,020 19.5% 4.1% 241.06% 2,082 1,427 3,509 489 11.7%
2.5 9,218 9,218 1,007 21.3% 11,922 22.1% 3.6% 225.68% 2,543 1,541 4,084 514 10.9%
2.7 9,456 9,456 12,272 21.3% 12,219 21.2% 2,863
3.0 11,447 11,447 14,436 20.9% 14,434 20.9% 3,682
2.7 13,695 13,695 17,116 20.8% 17,116 20.8% 4802
2162 4.2% 4,172 60,325 33,025 27,300
2219 4.1% 4,724 55,929 36,706 19,223 2,122
2615 4.5% 5,346 56,632 41,484 15,148 4,473
1275 0.02 3682 5.3% 6,344 62,155 50,781 11,374 7,542
60,325 14.0%
55,929 16.5%
56,632 16.7%
62,155 18.4%
5,188
9112 17% 1098 2.0%
262 10322 18% 10.92 1261 2.2%
5,683 337 12239 18% 10.94 1582 2.3% 6306.08 1046.64 1319.94
4802 5.8% 5,962 70,265 57,616 12,649 6,192 14 19.5% 6,293 430 13518 16% 11.17 1995 2.4% 7386.3 3.29 1226.6 1533
2009
Coca Cola Amatil Australia, New Zealand, Fiji, Indonesia, PNG 1998 1999 Unit cases 426.4 522.4 Revenue 2205.9 2717.8 5.17 5.2 EBIT* 284.3 358.2 EBIT EBITDA*
2000 565.8 3008.2 5.32 354.4
2001 595.3 3271 5.49 372.3
2002 603.3 3432.6 5.69 421.9
2003 599.7 3357.1 5.6 470
2004 626.4 3450.1 5.51 551.4
5.4 7.3 4481.5 2273.1 4857.7
536.9 16.4% 4.7 7.6 3032 1897.1 4929.1
581.1 16.9% 2.8 8.8 3215.2 1478.6 4693.8
613.5 18.3% 4.8 10.20% 3032
717.1 20.8% 6.1 11.30%
4501.2
4651
180.4
318.5
260.1
236.6
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital Free Cash Flow
4176.4 2411
6.9 7.4 4360.6 2499.1 4811.4
Working Capital Beverages Total Capital Employed
Capital expenditures Australia New Zealand Fiji Indonesia PNG Concentrate Marketing Support
Population Growth Rate Purchasing Power 21.01 1.22% 39300 4.17 0.97% 28500 0.93 1.39% 3700 237.51 1.18% 3900 5.93 2.10% 2300
2005 639.1 3635.6 5.69 563.8
738.7 20.3% 7.5 15.85%
3557.5 728.6
2006 630.4 3086 3.69 534.6 580.5 641.9 20.8% 725.2 200.6 16.4% 2074.6 3545.3 797.8 0.16 271.6
2007 504 3345.6 5.55 560.6 648.4 649.5 19.4% 798.2 0.07 240.9 21.3%
2008 510.7 3515.2 5.75 622.4 713.8 711.5 20.2% 865.1 0.07 239.0 22.4
1607.3 3048 815.9
3311.4 929
271 13.9%
2,669 1.33
2,550
15.10% 2,766
1.2 18% 202
1.2 19% 200
735.2 22.5%
736.7 22.5%
601 22.3%
36.2 0.01
35.5 0.01
17.8 0.01
2799.2 469.04 543.42
2936.28 519.9 594.32
2399.5 5.40% 454.3 10.60% 491.8 7.10% 3345.6
2491.8 5.10% 445.6 8.00% 577.8 10.10% 3515.2
151
2009
129.57
127.08
48.16
35.65
34.92 212.65 0.06
58.36 221.09 0.06
1998 Unit cases Revenue
EBIT* EBIT EBITDA* EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital ROIC Free Cash Flow Capex
Equity Net Debt Cash Working Capital ROIC Australia New Zealand Fiji Indonesia PNG
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
49,837
56,743
65,220
66,449
75,657
85,816
4,305
4,992
5,277
5,664
6,568
6,943
6,540 13.1%
7,603 13.4%
8,004 12.3%
8,605 10,004 10,531 12.9% 13.2% 12.3%
3,167 6.4%
3,782 6.7%
4,520 6.9%
4,222
42485
58039
58028
56647
77385
76353
10.1%
8.6%
9.1%
10.0%
8.5%
9.1%
5,043
5,947
1998
1999
2000
2001
2002
2003
2004
1364
1557
422
2625
2818
1682.8
Unit cases Revenue
EBIT* EBIT EBITDA*
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex Equity Operating assets Equity
ROIC Australia New Zealand Fiji Indonesia PNG
0.0% 2834 10827 13661
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
2,561 2,086 4646.8
0.0%
0.0%
34.6%
42.5%
9.1%
2005
2006
2007
2008
24,990 15,825 1.58 2,697 2,125 3,830 15.3%
28,112 20,260 1.39 3,369 2,840 4,784 17.0%
34,482 22,257 1.55 3,687 2,691 5,236 15.2%
16335
7.5% 1,867 1,039 16920 2142 19062
7.8% 2,200 1,380 21744 9329 31073
7.9% 2,732 1,530 20472 9312 29784
2.8%
0.0%
0.0%
0.0%
451 1711.7
16,335
7,600.00 3.3
8,000.00 3.5
9,400.00 3.7
2009
1.27
1.19
1.37
1998
1999
2000
2001
2002
2003
2004
1364
1557
422
2625
2818
1682.8
Unit cases Revenue
EBIT* EBIT EBITDA* EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex Equity Operating assets Equity
ROIC Australia New Zealand Fiji Indonesia PNG
0.0% 2834 10827 13661
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
2,561 2,086 4646.8
0.0%
0.0%
34.6%
42.5%
9.1%
2005
2006
2007
2008
15,825
20,260
22,257
451
2,125
2,840
2,691
1711.7
2,987 18.9%
3,840 19.0%
4,070 18.3%
7.5% 1,182
7.8% 1,586
7.9% 1,763
16920 2142 19062
21744 9329 31073
20472 9312 29784
16,335 16335 2.8%
13,435
15,630
16,406
2009
1.41
1.35
1.51
1.42
1998
1999
2000
2001
2002
2003
2004
1364
1557
422
2625
2818
1682.8
Unit cases Revenue
EBIT* EBIT EBITDA* EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital ROIC Free Cash Flow Capex Equity Operating assets Equity
ROIC Australia New Zealand Fiji Indonesia PNG
0.0% 2834 10827 13661
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
2,561 2,086 4646.8
0.0%
0.0%
34.6%
42.5%
9.1%
2005
2006
2007
2008
5,043
7,695
8,931
451
181
153
264
1711.7
271 5.4%
282 3.7%
392 4.4%
8.3% 418
8.4% 644
9.0% 807
16335
16920 2142 19062
21744 9329 31073
20472 9312 29784
2.8%
3.7%
1.9%
3.5%
16,335
418
644
807
5,953 23,180 26%
8,962 35,492 25%
8,699 34,740 25%
2009
1827947 377227 0.21
2006
2007
2008
Unit sales (mn cases)
21,400
22,700
23,700
Revenues
69,587
78,920
89,316
EBIT
12,667
14,702
16,186
EBITDA
15,580
18,137
19,813
22.4%
23.0%
22.2%
19.3%
15.5%
17.2%
Capital Spending/ Net Revenues 7.4% *Estimated based on the information provided by TCCC
7.6%
7.9%
The Concentrate & Other*
2006
2007
2008
Unit sales (mn cases)
21,400
22,700
23,700
Revenues
19,126
21,296
23,223
EBIT
6,127
7,099
8,182
EBITDA
7,246
8,415
9,674
37.9%
39.5%
41.7%
67.1%
40.8%
45.5%
Capital Spending/ Net Revenues 4.1% *Estimated by excluding the bottling segment of TCCC
3.5%
3.6%
The Combined Bottling Operations*
2006
2007
2008
Unit sales (mn cases)
21,400
22,700
23,700
Revenues
EBITDA Margin ROIC
EBITDA Margin ROIC
66,449
75,657
85,816
EBIT
5,664
6,568
6,943
EBITDA
8,605
10,004
10,531
12.9%
13.2%
12.3%
10.0%
8.5%
9.1%
6.7%
6.9%
EBITDA Margin ROIC
Capital Spending/ Net Revenues 6.4% *Estimated by using the data provided by TCCC and TEB Research
1998 Unit cases Revenue
EBIT* EBIT EBITDA*
EBITDA Capital Spend Capital Spend Excl Bottling Equity Net DEBT Total Capital Employed
Free Cash Flow Capex Equity
Equity Net Debt Cash Working Capital ROIC Australia New Zealand Fiji Indonesia PNG
1999
2000
2001
2002
2003
2004
2005
3.28 2006 21,400 70,144
3.5 2007 22,700 79,470
0.67 3.79 2008 23,700 89,744
12,667 15,580 22.2%
14,702 18% 18,137 22.8%
16,186 18% 19,813 22.1%
7.4% 5,212
7.6% 6,047
7.9% 7,088
65772 19.3% 19.3% 0%
94799 15.5% 15.5% 119%
94332 17.2% 17.2% 105%
2009
183.05 1.97 6922
6783
7777
5799 99,033
0.25
259.56
1998
1999
2000
2001
Unit cases Revenue
2002
2003
2004
19394
20857
4.4% 851
3.9% 812
3.5% 755
21,742
EBIT* EBIT EBITDA*
EBITDA Capital Spend Capital Spend Excl Bottling Equity Net DEBT Total Capital Employed
Free Cash Flow Capex Equity
Equity Net Debt Cash Working Capital ROIC Australia New Zealand Fiji Indonesia PNG
2834 10827 13661
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
2,561 2,086 4646.8
0.0%
0.0%
0.0%
0.0%
0.0%
2005 23,104
3.9% 899 16,335 16335 0.0%
2006 21,400 24,088 19,126 66,449.3 6,308 6,127 7,246 30.1% 6,975 36.5%
2007 22,700 28,857 21,296 75,657.3 7,252 7,099 8,415 29.2% 8,133 38.2%
2008 23,700 31,944 23,223 85,815.8 8,446 8,182 9,674 30.3% 9,282 40.0%
4.1% 1407 989 16920 -4641 12279 9,126 51.4% 67%
3.5% 1648 1,004 21744 1552 23296 17,414 31.1% 41%
3.6% 1948 1,141 20472 3513 23985 17,979 35.2% 46%
2009 8209.61
4,962 70,144 15,432 3,694
183.05 1.97 6922
6783
7777
5799 28,686
0.25
7,561 79,470 17,483 3,813
259.56
8,721 89,744 19,295 3,928
27.27%
26.80%
25.88%
1998 Unit cases Revenue
EBIT* EBIT EBITDA*
1999 985
385
2000 3800 14750
2001 4066 1499
2002
2003
16058
17330
1126
601
1364
1557
2387 16.2%
1954 130.4%
579 3.6%
665 3.8%
8.1% 1200 8.2% 2834 10827 13661
66.7% 1000
2.0% 315.3
2.0% 340.7
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
8.2%
4.0%
34.6%
42.5%
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex
Equity Net Debt Cash Working Capital ROIC
2004
2005
2006 19,804
2007 20,936
2008
2009
21,807 6605
3.3
1,427
1,470
1,326
2,439 12.3%
2,537 12.1%
2,376 10.9%
882
938
981
7448 10022 17470
8611 9393 18004
10516 9029 19545
8.2%
6.8%
938 4.5%
981 4.5%
882
4,963
5,538
6,097
3.99
3.78
3.58
23% 4603 821 4%
23% 4906 1054 5%
23% 4940 1502 7%
574 3%
637 3%
584 3%
6821.9 11761.9
3528.57
6821.9
Coca Cola Femsa Mexico, Central America, Brazil, Venezuela, Colombia, Argentina 1998 1999 2000 2001 Unit cases 985 1008 1086 Revenue 3190.5 3511.2
EBIT* EBIT EBITDA*
385
2002 1286 3881
2003 1359 4064
2004 1,413 4,248
80
125.1
186
258
422
413 12.9%
486 13.8%
579 14.9%
665 16.4%
726 17.1%
6.0% 190
7.1% 250
8.1% 315.3
8.4% 340.7
8.3% 354.4
2639.4 1162 3801.4
2649.1 1261.2 3910.3 95.3 3.2%
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6 147.4 7.0%
2,561 2,086 4646.8
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex
Total Capital Employed Net Debt Cash Working Capital Capital expenditures ROIC Concentrate purchases
4.7%
9.1%
2005 1,578 4,780
2006 1,788 5,616
2007 2,019 6,462 18.6% 703
2008 2,116 6,981
451
507
813 17.0%
905 16.1%
1,067 16.5%
1,039 14.9%
8.6% 411
8.9% 499
8.7% 562
8.8% 615
2,923 1,896 4819.5
2724.1 1721.2 4445.3
3052.3 1888.4 4940.7
2930.8 2090 5020.8
9.4%
11.4%
14.2%
9.1%
905.3 18.9% 89.4 39.8 0.8%
455
9,673.65
10,214.36
0.797
0.668
0.683
5,578
7,396 1,052 1,597
7,347 665 1,520
626
841
900
1049.3 18.7% 87.6 50.4 0.9% 29.9 20.5 83.3 184.1 3.3%
1205.1 18.6% 75.2 53.6 0.8% 44.1 21.9 40.5 160.1 2.5%
1300.9 18.6% 45.8 37.6 15.2 0 98.6 1.4%
2009
CC Enterprises1
CC Femsa
CC Hellenic
CC Amatil
2007
2008
2007
2008
2007
2008
2007
2008
3,973
3,913
2,121
2,243
2,019
2,116
504
511
20,936
21,807
6,306
7,386
9,674
10,214
2,799
2,936
EBIT
1,470
1,326
1,047
1,227
1,052
665
469
520
EBITDA
2,537
2,376
1,320
1,533
1,597
1,520
543
594
12.1%
10.9%
20.9%
20.8%
16.5%
14.9%
19.4%
20.2%
ROIC
8.2%
6.8%
18.4%
19.5%
14.2%
9.1%
18.4%
18.8%
Capital Spend/ Net Revenues
4.5%
4.5%
5.3%
5.8%
8.7%
8.8%
6.4%
6.3%
Coca-Cola Brand
60.0%
59.0%
63.0%
64.0%
43.0%
41.0%
49.0%
48.0%
Other TCCC Products
33.0%
34.0%
33.0%
35.0%
51.0%
54.0%
38.0%
40.0%
7.0%
7.0%
4.0%
1.0%
6.0%
5.0%
13.0%
12.0%
83.2%
82.0%
84.4%
83.1%
63.0%
62.0%
67.0%
66.0%
Still Beverages
9.2%
10.5%
2.0%
3.0%
16.0%
17.0%
6.0%
6.0%
Water
7.6%
7.5%
13.7%
13.9%
21.0%
21.0%
27.0%
28.0%
23%
23%
18%
16%
19%
19%
23%
22%
3%
3%
2%
2%
2%
1%
1%
1%
44
45
39
41
Unit sales (mn cases) Revenues
EBITDA Margin
Sales Volume Breakdown
Company owned Products Sales Cagetory Breakdown Sparkling Beverages
Concentrate Cost/ Revenues Support Received as % of Rev.
*Estimated based on the information provided by TCCC 1 Adjusted for Intangible Impairment
Cooler Per 10K People Population CDS Per Capita Points of Sale
414
416
183
200
547
554
265
273
59
59
66
64
21
22
11
11
###
1,110 1110 ■ Central America 128 ■ Colombia 198 ■ Venezuela 209 ■ Brazil 296 ■ Argentina 179
CC Icecek
TCCC's Bottling
2007
2008
2007
2008
480
534
2,270
2,607
1,481
1,745
7,695
8,931
185
196
153
264
254
278
282
392
17.1%
16.0%
3.7%
4.4%
19.1%
16.9%
1.9%
3.5%
13.9%
13.4%
8.4%
9.0%
N.A.
N.A.
N.A
N.A
N.A.
N.A.
N.A
N.A
N.A.
N.A.
N.A
N.A
79.5%
79.5%
N.A
N.A
15.0%
15.0%
N.A
N.A
5.0%
5.5%
N.A
N.A
19%
19%
N.A
N.A
2%
2%
N.A
N.A
372.92 434.81 39.64 34.57 1925.91 2258.1
1555.9%
Coca Cola Femsa Mexico, Central America, Brazil, Venezuela, Colombia, Argentina 1998 1999 2000 Unit cases 544.2 583 Revenue 1496 1726 14207 16585 2.75 2.96 EBIT* EBIT EBITDA* 438
2001
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex
Equity Net Debt Cash Working Capital ROIC Total Capital Employed Capex Concentrate purchases
6.1%
5.4% 667 308
199.8
2002
2003
2004 1,812 51,276
2005 1,889 53,997
2006 1,998 57,738
2007 2,121 68,969
2008 2,243 82,468
2.3 8,459 8,459 693 16.6% 10,020 19.5% 4.1% 241.06% 2,082 1,427 3,509 489 11.7%
2.5 9,218 9,218 1,007 21.3% 11,922 22.1% 3.6% 225.68% 2,543 1,541 4,084 514 10.9%
2.7 9,456 9,456 12,272 21.3% 12,219 21.2% 2,863
3.0 11,447 11,447 14,436 20.9% 14,434 20.9% 3,682
2.7 13,695 13,695 17,116 20.8% 17,116 20.8% 4802
2162 4.2% 4,172 60,325 33,025 27,300
2219 4.1% 4,724 55,929 36,706 19,223 2,122
2615 4.5% 5,346 56,632 41,484 15,148 4,473
1275 0.02 3682 5.3% 6,344 62,155 50,781 11,374 7,542
60,325 14.0%
55,929 16.5%
56,632 16.7%
62,155 18.4%
5,188
9112 17% 1098 2.0%
262 10322 18% 10.92 1261 2.2%
5,683 337 12239 18% 10.94 1582 2.3% 6306.08 1046.64 1319.94
4802 5.8% 5,962 70,265 57,616 12,649 6,192 14 19.5% 6,293 430 13518 16% 11.17 1995 2.4% 7386.3 3.29 1226.6 1533
2009
Coca Cola Amatil Australia, New Zealand, Fiji, Indonesia, PNG 1998 1999 Unit cases 426.4 522.4 Revenue 2205.9 2717.8 5.17 5.2 EBIT* 284.3 358.2 EBIT EBITDA*
2000 565.8 3008.2 5.32 354.4
2001 595.3 3271 5.49 372.3
2002 603.3 3432.6 5.69 421.9
2003 599.7 3357.1 5.6 470
2004 626.4 3450.1 5.51 551.4
5.4 7.3 4481.5 2273.1 4857.7
536.9 16.4% 4.7 7.6 3032 1897.1 4929.1
581.1 16.9% 2.8 8.8 3215.2 1478.6 4693.8
613.5 18.3% 4.8 10.20% 3032
717.1 20.8% 6.1 11.30%
4501.2
4651
180.4
318.5
260.1
236.6
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital Free Cash Flow
4176.4 2411
6.9 7.4 4360.6 2499.1 4811.4
Working Capital Beverages Total Capital Employed
Capital expenditures Australia New Zealand Fiji Indonesia PNG Concentrate Marketing Support
Population Growth Rate Purchasing Power 21.01 1.22% 39300 4.17 0.97% 28500 0.93 1.39% 3700 237.51 1.18% 3900 5.93 2.10% 2300
2005 639.1 3635.6 5.69 563.8
738.7 20.3% 7.5 15.85%
3557.5 728.6
2006 630.4 3086 3.69 534.6 580.5 641.9 20.8% 725.2 200.6 16.4% 2074.6 3545.3 797.8 0.16 271.6
2007 504 3345.6 5.55 560.6 648.4 649.5 19.4% 798.2 0.07 240.9 21.3%
2008 510.7 3515.2 5.75 622.4 713.8 711.5 20.2% 865.1 0.07 239.0 22.4
1607.3 3048 815.9
3311.4 929
271 13.9%
2,669 1.33
2,550
15.10% 2,766
1.2 18% 202
1.2 19% 200
735.2 22.5%
736.7 22.5%
601 22.3%
36.2 0.01
35.5 0.01
17.8 0.01
2799.2 469.04 543.42
2936.28 519.9 594.32
2399.5 5.40% 454.3 10.60% 491.8 7.10% 3345.6
2491.8 5.10% 445.6 8.00% 577.8 10.10% 3515.2
151
2009
129.57
127.08
48.16
35.65
34.92 212.65 0.06
58.36 221.09 0.06
1998 Unit cases Revenue
EBIT* EBIT EBITDA* EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital ROIC Free Cash Flow Capex
Equity Net Debt Cash Working Capital ROIC Australia New Zealand Fiji Indonesia PNG
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
49,837
56,743
65,220
66,449
75,657
85,816
4,305
4,992
5,277
5,664
6,568
6,943
6,540 13.1%
7,603 13.4%
8,004 12.3%
8,605 10,004 10,531 12.9% 13.2% 12.3%
3,167 6.4%
3,782 6.7%
4,520 6.9%
4,222
42485
58039
58028
56647
77385
76353
10.1%
8.6%
9.1%
10.0%
8.5%
9.1%
5,043
5,947
1998
1999
2000
2001
2002
2003
2004
1364
1557
422
2625
2818
1682.8
Unit cases Revenue
EBIT* EBIT EBITDA*
EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex Equity Operating assets Equity
ROIC Australia New Zealand Fiji Indonesia PNG
0.0% 2834 10827 13661
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
2,561 2,086 4646.8
0.0%
0.0%
34.6%
42.5%
9.1%
2005
2006
2007
2008
24,990 15,825 1.58 2,697 2,125 3,830 15.3%
28,112 20,260 1.39 3,369 2,840 4,784 17.0%
34,482 22,257 1.55 3,687 2,691 5,236 15.2%
16335
7.5% 1,867 1,039 16920 2142 19062
7.8% 2,200 1,380 21744 9329 31073
7.9% 2,732 1,530 20472 9312 29784
2.8%
0.0%
0.0%
0.0%
451 1711.7
16,335
7,600.00 3.3
8,000.00 3.5
9,400.00 3.7
2009
1.27
1.19
1.37
1998
1999
2000
2001
2002
2003
2004
1364
1557
422
2625
2818
1682.8
Unit cases Revenue
EBIT* EBIT EBITDA* EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital
Free Cash Flow Capex Equity Operating assets Equity
ROIC Australia New Zealand Fiji Indonesia PNG
0.0% 2834 10827 13661
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
2,561 2,086 4646.8
0.0%
0.0%
34.6%
42.5%
9.1%
2005
2006
2007
2008
15,825
20,260
22,257
451
2,125
2,840
2,691
1711.7
2,987 18.9%
3,840 19.0%
4,070 18.3%
7.5% 1,182
7.8% 1,586
7.9% 1,763
16920 2142 19062
21744 9329 31073
20472 9312 29784
16,335 16335 2.8%
13,435
15,630
16,406
2009
1.41
1.35
1.51
1.42
1998
1999
2000
2001
2002
2003
2004
1364
1557
422
2625
2818
1682.8
Unit cases Revenue
EBIT* EBIT EBITDA* EBITDA Capital Spend to Revenue ROACE Equity Net DEBT Total Capital Employed Working Capital ROIC Free Cash Flow Capex Equity Operating assets Equity
ROIC Australia New Zealand Fiji Indonesia PNG
0.0% 2834 10827 13661
2820 12169 14989
2532.6 1405.2 3937.8
1989.3 1673.3 3662.6
2,561 2,086 4646.8
0.0%
0.0%
34.6%
42.5%
9.1%
2005
2006
2007
2008
5,043
7,695
8,931
451
181
153
264
1711.7
271 5.4%
282 3.7%
392 4.4%
8.3% 418
8.4% 644
9.0% 807
16335
16920 2142 19062
21744 9329 31073
20472 9312 29784
2.8%
3.7%
1.9%
3.5%
16,335
418
644
807
5,953 23,180 26%
8,962 35,492 25%
8,699 34,740 25%
2009
1827947 377227 0.21
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