Earnings Release • Mar 4, 2025
Earnings Release
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• Sales volume: -2.2%
• NSR: +42.6%
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• EBIT margin: 16.3%, - 169bps y/y
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2024 Results Webcast;
• Net profit of TL 9.3billion
In 2024, we navigated a complex operating environment characterized by macroeconomic challenges, the cumulative impact of years of inflation, and ongoing geographical sensitivities caused by the spillover from the conflict in the Middle East, all contributing to the decline in consumer purchasing power and demand. Despite these challenges, our teams remained committed, and our operating model proved once again its resilience in the face of a difficult environment.
Sales volumes faced pressures in most of our markets, yet our focus on remaining affordable, winning in the store and strengthening the quality of our portfolio helped us navigate challenges effectively. Our actions combined with early signs of improving market dynamics paved the way towards gradual recovery in volume performance towards the end of the year.
Accordingly, in 4Q24, we achieved a 7.3% y/y growth in consolidated sales volumes, reaching 271 million unit cases ("uc"). Türkiye grew 18%, Azerbaijan and Iraq recorded mid-single digit growth, while Pakistan grew by 5%, following 6 quarters of decline. This improvement partially offset the softness in our FY2024 volume, which was 2.2% lower than the same period last year, with 1.5 billion unit cases.
Throughout the year, we continued to track consumers' behaviors and accelerated recruitment by focusing on smaller packs, the on-premise channel and the low/no sugar portfolio. Accordingly, Immediate Consumption ("IC") package share grew by 183 bps to 29.2% in FY24 and the share of low/no sugar portfolio among total sparkling sales increased by 2.5pps y/y, reaching 15.8% as of FY2024.
Previously, we disclosed our 2025 volume guidance, projecting mid-single-digit growth on a consolidated basis, low to mid-single-digit growth in Türkiye, and mid to high-single-digit growth in international operations. Looking ahead to 2025, our focus on leveraging Revenue Growth Management proactively will continue. This enables us to find a balance between our portfolio's affordability for consumers and the increase in our cost base. With inflation accounting, year-end revenue growth will greatly depend on the actual inflation, therefore we refrain from providing a certain guidance for Net Sales Revenue ("NSR") growth. Nevertheless, with inflation accounting, our commitment is to deliver mid-single digit growth in NSR/uc while keeping margins flat. Without the impact of inflation accounting, we expect to deliver low twenties growth in FX neutral NSR/uc with revenue increases in local currencies balancing cost inflation and price affordability to drive volume growth with slight pressure on EBIT margin due to higher raw material costs in comparison with prior year and cycling a favorable 2024.
In line with our principle to invest ahead of demand and demonstrating our belief in the longterm potential of our markets, our two new plants in Iraq and Azerbaijan will become operational in 2025. Almost half of their capital expenditures were realized in 2024.
As we look ahead, we remain optimistic yet vigilant. While economic and political challenges persist, we are confident in our ability to navigate them with agility, discipline, and a relentless focus on growth. Our strategy is clear, our fundamentals are strong, and our vision for the future is bright.
We remain committed to delivering quality growth over the long term. Based on our learnings from 2024, we will continue to focus on what we can control to create volume growth, and we will therefore focus on disciplined daily execution, smart pricing to ensure our products remain affordable to consumers across our markets and quality mix management.
| Consolidated (million TL) | 4Q24 | 4Q23 | Change % | 2024 | 2023 | Change % |
|---|---|---|---|---|---|---|
| Volume (million UC) | 271 | 252 | 7.3% | 1,501 | 1,535 | -2.2% |
| Net Sales | 22,138 | 24,174 | -8.4% | 137,683 | 145,884 | -5.6% |
| Gross Profit | 6,851 | 7,252 | -5.5% | 48,590 | 47,702 | 1.9% |
| EBIT | 24 | 863 | -97.2% | 18,885 | 20,899 | -9.6% |
| EBIT (Exc. other) | 54 | 996 | -94.6% | 18,366 | 20,546 | -10.6% |
| EBITDA | 1,780 | 2,295 | -22.4% | 25,347 | 26,171 | -3.2% |
| EBITDA (Exc. other) | 1,530 | 2,324 | -34.2% | 24,468 | 26,183 | -6.5% |
| Profit Before Tax | -319 | 5,069 | n.m. | 19,942 | 37,475 | -46.8% |
| Net Income/(Loss) | -351 | 6,286 | n.m. | 14,813 | 29,713 | -50.1% |
| Gross Profit Margin | 30.9% | 30.0% | 35.3% | 32.7% | ||
| EBIT Margin | 0.1% | 3.6% | 13.7% | 14.3% | ||
| EBIT Margin (Exc. other) | 0.2% | 4.1% | 13.3% | 14.1% | ||
| EBITDA Margin | 8.0% | 9.5% | 18.4% | 17.9% | ||
| EBITDA Margin (Exc. other) | 6.9% | 9.6% | 17.8% | 17.9% | ||
| Net Income Margin | n.m. | 26.0% | 10.8% | 20.4% | ||
| Türkiye (million TL) | 4Q24 | 4Q23 | Change % | 2024 | 2023 | Change % |
| Volume (million UC) | 104 | 88 | 18.4% | 568 | 567 | 0.1% |
| Net Sales | 11,183 | 11,776 | -5.0% | 62,391 | 67,450 | -7.5% |
| Gross Profit | 2,997 | 3,649 | -17.9% | 23,178 | 21,017 | 10.3% |
| EBIT | -764 | 11,201 | n.m. | 14,398 | 18,931 | -23.9% |
| EBIT (Exc. other) | -953 | 0 | n.m. | 4,711 | 4,597 | 2.5% |
| EBITDA | 12 | 11,927 | -99.9% | 17,355 | 21,641 | -19.8% |
| EBITDA (Exc. other) | -237 | 650 | n.m. | 7,555 | 7,281 | 3.8% |
| Net Income/(Loss) | -1,148 | 15,406 | n.m. | 11,677 | 22,046 | -47.0% |
| Gross Profit Margin | 26.8% | 31.0% | 37.1% | 31.2% | ||
| EBIT Margin | n.m. | 95.1% | 23.1% | 28.1% | ||
| EBIT Margin (Exc. other) | n.m. | n.m. | 7.6% | 6.8% | ||
| EBITDA Margin | 0.1% | 101.3% | 27.8% | 32.1% | ||
| EBITDA Margin (Exc. other) | n.m. | 5.5% | 12.1% | 10.8% | ||
| Net Income Margin | n.m. | 130.8% | 18.7% | 32.7% | ||
| International (million TL) | 4Q24 | 4Q23 | Change % | 2024 | 2023 | Change % |
| Volume (million UC) | 166 | 164 | 1.4% | 934 | 968 | - 3.6% |
| Net Sales | 10,965 | 12,435 | -11.8% | 75,498 | 78,537 | -3.9% |
| Gross Profit | 3,692 | 3,631 | 1.7% | 25,417 | 26,773 | -5.1% |
| EBIT | 878 | 442 | 98.7% | 12,697 | 22,223 | -42.9% |
| EBIT (Exc. other) | 776 | 781 | -0.7% | 12,482 | 14,916 | -16.3% |
| EBITDA | 1,771 | 1,233 | 43.6% | 16,460 | 25,143 | -34.5% |
| EBITDA (Exc. other) | 1,536 | 1,459 | 5.2% | 15,741 | 17,870 | -11.9% |
| Net Income/(Loss) | 273 | 227 | 20.1% | 8,217 | 18,012 | -54.4% |
| Gross Profit Margin | 33.7% | 29.2% | 33.7% | 34.1% | ||
| EBIT Margin | 8.0% | 3.6% | 16.8% | 28.3% | ||
| EBIT Margin (Exc. other) | 7.1% | 6.3% | 16.5% | 19.0% | ||
| EBITDA Margin | 16.2% | 9.9% | 21.8% | 32.0% | ||
| EBITDA Margin (Exc. other) | 14.0% | 11.7% | 20.8% | 22.8% | ||
| Net Income Margin | 2.5% | 1.8% | 10.9% | 22.9% |
Acquisition of 100% in Coca-Cola Bangladesh Beverages Limited ("CCBB") was completed on February 20th, 2024, and accordingly CCBB financial results are consolidated in our financials as of 1 March 2024. Therefore, all operational performance metrics presented in this release are on a reported basis (including CCBB), except indicated otherwise. Unit case data is not within the scope of independent audit.
CCI's consolidated volume in 2024 was down by 2.2% at 1.5 billion unit cases ("uc") compared to prior year. While Iraq, Azerbaijan and Türkiye contributed positively to the volume growth, with 12.1%, 9.3% and 0.1% y/y increase, respectively; Pakistan, Kazakhstan and Uzbekistan diluted the volume performance. Overall, international operations' volume share stood at 62.2% with 88 bps decrease y/y.
Throughout 2024, we faced a challenging operating environment, marked by persistent economic volatility, elevated inflationary pressures, and ongoing geopolitical tensions. These factors had a substantial impact on consumer confidence, purchasing power, and overall demand dynamics. In this context, we have focused on what we can impact. We stayed dedicated to our purpose of creating value for all stakeholders by maintaining a focus on worldclass daily execution and advancing our long-term strategic goals.
In FY24, sparkling category experienced a 4.4% y/y decline, with Coca-Cola™ performance aligning closely with the category trend. The stills category grew by 9.4% on top of the 6.2% growth realized in 2023, led by the robust growth of 19.7% of Fusetea, while the water category grew by 5.8% y/y.
We kept a close eye on consumer trends and intensified recruitment efforts by focusing on smaller pack options, the on-premise channel, and our low/no-sugar product portfolio. Accordingly, IC package share grew by 183 bps to 29.2% in FY24 and share of the on-premise channel remained unchanged at 20.2%. In 4Q24, IC mix was up by 106 bps reaching 32.4%, while the on-premise mix stood at 21.6%. Continued focus on low/no sugar portfolio also yielded positive results, as low/no sugar portfolio share among total sparkling sales increased by 2.5pps y/y, reaching 15.8% as of FY24.
In FY24, we recorded a 0.1% volume increase in Türkiye, while 18.4% growth in the fourth quarter was promising. Building on the low base of 4Q23, which was shaped by the political unrest in the Middle East that emerged late last year combined with high inflation and lack of salary increase in the economy, our successful execution of marketing plans, timely consumer activations combined with the right pricing delivered strong volume growth.
IC package share grew by 16 bps to 33.7% in 2024. Share of on-premise channel slightly declined by 96 bps to 31.6% in Türkiye whereas share of traditional channel increased by 238 bps to 37.9%. Continued focus on low/no sugar portfolio also contributed positively, as low/no sugar portfolio share among total sparkling sales jumped by 7pp y/y to 46.1% as of FY24.
International operations recorded a 3.6% y/y decline in FY24, mainly driven by weakened volume momentum in Pakistan. However, in 4Q24, international operations grew by 1.4% y/y, with positive contributions from Pakistan, Iraq and Azerbaijan. Our focus on quality mix continued to yield positive results in our international operations as well. IC package share grew by 271 bps to 26.4% in 2024 and share of on-premise channel improved by 13 bps to 13.1%.
| Change (YoY) | Breakdown | Change (YoY) | Breakdown | |||
|---|---|---|---|---|---|---|
| 4Q24 | 4Q23 | 4Q24 | 2024 | 2023 | 2024 | |
| Sparkling | 6.8% | -16.5% | 77.4% | -4.4% | -3.3% | 80.1% |
| Stills | 8.8% | 12.7% | 11.2% | 9.4% | 6.2% | 9.5% |
| Water | 9.6% | 11.2% | 11.4% | 5.8% | -3.5% | 10.4% |
| Total | 7.3% | -11.5% | 100% | -2.2% | -2.6% | 100% |
Totals may not add up due to rounding differences.
Pakistan's economic landscape witnessed significant developments in 2024. Inflation declined sharply to 4.1% in December 2024, down from 29.7% during the same period the previous year. However, high energy costs, taxes and the cumulative impact of prior years of inflation, continued to weigh on consumer confidence and spending. Accordingly, Pakistan posted 14.2% volume decline in FY24 vs. last year (cycling 16.4% decline) and 4.8% growth in 4Q24 (cycling a 31.7% decline).
Iraq recorded a notable volume growth of 12.1% y/y in FY24, building on the solid base of 10.7% growth in the previous year. The growth in the sparkling category in Iraq in 2024 was the highest growth achieved in the Coca-Cola system globally. Similarly, Azerbaijan achieved a volume increase of 9.3% y/y in FY24. In both countries, the positive volume performance reflects the positive impact of the combination of strong consumer-centric plans and disciplined market execution.
Uzbekistan recorded 3.8% volume decline in FY24, reflecting the impact of new regulations and taxes, as well as cycling an exceptionally strong base established in the prior year, when it recorded an impressive 25.8% growth. Kazakhstan's sales volumes declined by 6.4% y/y in FY24, following two consecutive years of growth partially driven by temporary migration from neighboring countries. In 2024, Kazakhstan's sparkling category declined by 10.4%, yet over the same period, stills category managed to achieve an increase of 6.9%.
Based on the CMB's decision dated 28 December 2023 and numbered 81/1820 and the "Implementation Guide on Financial Reporting in High Inflation Economies" published by the POA with the announcement made on 23 November 2023, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of TAS 29, starting from their annual financial reports for the accounting periods ending as of December 31, 2023.
As of December 31, 2024, an adjustment has been made in accordance with the requirements of TAS 29 ("Financial Reporting in High Inflation Economies") regarding the changes in the general purchasing power of the Turkish Lira. TAS 29 requirements require that financial statements prepared in the currency in circulation in the economy with high inflation be presented at the purchasing power of this currency at the balance sheet date and that the amounts in previous periods are rearranged in the same way. The indexing process was carried out using the coefficient obtained from the Consumer Price Index in Türkiye published by the Turkish Statistical Institute ("TUIK").
The relevant figures for the previous reporting period are rearranged by applying the general price index so that comparative financial statements are presented in the unit of measurement valid at the end of the reporting period. Information disclosed for previous periods is also presented in the measurement unit valid at the end of the reporting period.
However, certain items from our financials are also presented without inflation adjustment for information purposes in order to give an idea of our performance relative to our 2024 forecasts, which we announced at the beginning of the year and which we stated were based on the financials without inflation adjustment. These unaudited figures are clearly labelled where relevant. All financial figures without such disclosure are reported in accordance with TAS 29.
| Net Sales Revenue (TL mn) | NSR per U.C. (TL) | |||
|---|---|---|---|---|
| 2024 | YoY Change | 2024 | YoY Change | |
| Türkiye | 62,391 | -7.5% | 109.9 | -7.6% |
| International | 75,498 | -3.9% | 80.9 | -0.3% |
| Consolidated | 137,683 | -5.6% | 91.7 | -3.5% |
• Effective cost management, driven by favorable sugar and other raw material prices, as well as relatively stronger Turkish Lira significantly boosted gross margin performance in Türkiye. Türkiye recorded 599 bps y/y gross margin improvement in 2024. With the focus on affordability in international operations, price increases lagged the increase of certain cost items. Accordingly, international operations' gross profit margin slightly contracted by 43 bps y/y. Overall, the consolidated gross margin reached 35.3%, reflecting a 259 bps year-on-
year expansion on the back of very solid performance of Türkiye. Excluding the impact of TAS 29 accounting, the gross margin increased by 132 bps to 36.8%, again supported by the solid expansion of Türkiye gross profit margin.
| Financial Income / (Expense) (TL million) | 4Q24 | 4Q23 | 2024 | 2023 |
|---|---|---|---|---|
| Interest income | 467 | 514 | 1,840 | 1,408 |
| Interest expense (-) | -2,459 | -1,938 | -9,593 | -6,392 |
| FX gain / (loss) – Borrowings | 34 | -864 | -1,431 | -4,663 |
| Other | -70 | 505 | 436 | 3,586 |
| Financial Income / (Expense) Net | -2,027 | -1,782 | -8,747 | -6,061 |
| Financial Leverage Ratios | 2024 | 2023 |
|---|---|---|
| Net Debt / EBITDA | 1.02 | 0.82 |
| Debt Ratio (Total Fin. Debt / Total Assets) | 33% | 34% |
| Fin. Debt-to-Equity Ratio | 80% | 82% |
| Maturity Date | 2025 | 2026 | 2027 | 2028 | 2029-30 |
|---|---|---|---|---|---|
| % of total debt | 42% | 7% | 4% | 4% | 43% |
The following section is presented without the impact of TAS 29 to allow an assessment of the material expectations/assumptions/guidance shared previously and is unaudited.
| Consolidated (million TL) | 4Q24 | 4Q23 | Change % | 2024 | 2023 | Change % |
|---|---|---|---|---|---|---|
| Volume (million UC) | 271 | 252 | 7.3% | 1,501 | 1,535 | -2.2% |
| Net Sales | 25,693 | 20,453 | 25.6% | 129,809 | 91,016 | 42.6% |
| Gross Profit | 8,466 | 7,109 | 19.1% | 47,826 | 32,336 | 47.9% |
| EBIT | 1,429 | 2,396 | -40.4% | 21,127 | 16,348 | 29.2% |
| EBITDA | 2,893 | 3,281 | -11.8% | 25,754 | 18,939 | 36.0% |
| Net Income/(Loss) | -559 | 557 | n.m. | 9,345 | 8,306 | 12.5% |
| Gross Profit Margin | 33.0% | 34.8% | 36.8% | 35.5% | ||
| EBIT Margin | 5.6% | 11.7% | 16.3% | 18.0% | ||
| EBITDA Margin | 11.3% | 16.0% | 19.8% | 20.8% | ||
| Net Income Margin | n.m. | 2.7% | 7.2% | 9.1% | ||
| Türkiye (million TL) | 4Q24 | 4Q23 | Change % | 2024 | 2023 | Change % |
| Volume (million UC) | 104 | 88 | 18.4% | 568 | 567 | 0.1% |
| Net Sales | 10,929 | 7,721 | 41.6% | 54,485 | 36,678 | 48.6% |
| Gross Profit | 3,328 | 3,162 | 5.3% | 22,383 | 13,841 | 61.7% |
| EBIT (Exc. other) | -314 | 833 | n.m. | 7,016 | 5,087 | 37.9% |
| EBITDA (Exc. other) | -47 | 1,043 | n.m. | 8,000 | 5,840 | 37.0% |
| Net Income/(Loss) | -1,806 | 6,207 | n.m. | 5,788 | 4,824 | 20.0% |
| Gross Profit Margin | 30.5% | 41.0% | 41.1% | 37.7% | ||
| EBIT Margin (Exc. other) | n.m. | 10.8% | 12.9% | 13.9% | ||
| EBITDA Margin (Exc. other) | n.m. | 13.5% | 14.7% | 15.9% | ||
| Net Income Margin | n.m. | 80.4% | 10.6% | 13.2% | ||
| International operations (million TL) | 4Q24 | 4Q23 | Change % | 2024 | 2023 | Change % |
| Volume (million UC) | 166 | 164 | 1.4% | 934 | 968 | -3.6% |
| Net Sales | 14,772 | 12,758 | 15.8% | 75,498 | 54,396 | 38.8% |
| Gross Profit | 4,974 | 3,961 | 25.6% | 25,417 | 18,544 | 37.1% |
| EBIT (Exc. other) | 1,467 | 1,422 | -3.1% | 12,482 | 10,331 | 20.8% |
| EBITDA (Exc. other) | 2,374 | 2,035 | 16.7% | 15,741 | 12,377 | 27.2% |
| Net Income/(Loss) | 742 | 1,273 | -41.7% | 8,217 | 12,476 | -34.1% |
| Gross Profit Margin | 33.7% | 31.0% | 33.7% | 34.1% | ||
| EBIT Margin (Exc. other) | 9.9% | 11.1% | 16.5% | 19.0% | ||
| EBITDA Margin (Exc. other) | 16.1% | 15.9% | 20.8% | 22.8% | ||
| Net Income Margin | 5.0% | 10.0% | 10.9% | 22.9% |
The consolidated financial statements and disclosures have been prepared in accordance with the communiqué numbered II-14,1 "Communiqué on the Principles of Financial Reporting in Capital Markets. In accordance with article 5 of the CMB Accounting Standards, companies should apply Turkish Accounting Standards / Turkish Financial Reporting Standards ("TAS" / "TFRS") and interpretations regarding these standards as adopted by the Public Oversight Accounting and Auditing Standards Authority ("POA").
As of December 31, 2024, the list of CCI's subsidiaries and joint ventures is as follows:
| Subsidiaries and Joint Ventures | Country | Consolidation Method |
|---|---|---|
| Coca-Cola Satış ve Dağıtım A.Ş. | Türkiye | Full Consolidation |
| JV Coca-Cola Almaty Bottlers LLP | Kazakhstan | Full Consolidation |
| Azerbaijan Coca-Cola Bottlers LLC | Azerbaijan | Full Consolidation |
| Coca-Cola Bishkek Bottlers Closed J. S. Co. | Kyrgyzstan | Full Consolidation |
| CCI International Holland BV. | Holland | Full Consolidation |
| The Coca-Cola Bottling Company of Jordan Ltd | Jordan | Full Consolidation |
| Turkmenistan Coca-Cola Bottlers | Turkmenistan | Full Consolidation |
| Sardkar for Beverage Industry Ltd | Iraq | Full Consolidation |
| Waha Beverages BV. | Holland | Full Consolidation |
| Coca-Cola Beverages Tajikistan LLC | Tajikistan | Full Consolidation |
| Al Waha LLC | Iraq | Full Consolidation |
| Coca-Cola Beverages Pakistan Ltd | Pakistan | Full Consolidation |
| Coca-Cola Bottlers Uzbekistan Ltd | Uzbekistan | Full Consolidation |
| CCI Samarkand Ltd LLC | Uzbekistan | Full Consolidation |
| CCI Namangan Ltd LLC | Uzbekistan | Full Consolidation |
| Anadolu Etap Penkon Gıda ve İçecek Ürünleri A. Ş | Türkiye | Full Consolidation |
| Syrian Soft Drink Sales and Distribution LLC | Syria | Equity Method |
| Coca-Cola Bangladesh Beverages Ltd. | Bangladesh | Full Consolidation |
The Company's "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)" definition and calculation is defined as; "Profit/(loss) from operations" plus relevant non-cash expenses including depreciation and amortization, provision for employee benefits like retirement and vacation pay (provision for management bonus not included) and other noncash expenses like negative goodwill and value increase due to change in scope of consolidation. As of December 31, 2024, and December 31, 2023, the reconciliation of EBITDA to profit / (loss) from operations is explained in the following table:
| EBITDA (TL million) | |||
|---|---|---|---|
| 4Q24 4Q23 |
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented | 2024 | 2023 |
| 24 863 |
Profit / (loss) from operations | 18,885 | 20,899 |
| 1,404 1,223 |
Depreciation and amortization | 5,546 | 5,079 |
| 17 53 |
Provision for employee benefits | 326 | 314 |
| 279 103 |
Foreign exchange (gain) / loss under other operating income / expense | 359 | -365 |
| 56 52 |
Right of use asset amortization | 231 | 245 |
| 1,780 2,295 |
EBITDA | 25,347 | 26,171 |
Totals may not foot due to rounding differences.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recorded in the consolidated income statement of the relevant period, as foreign currency loss or gain. Foreign currency translation rates announced by the Central Bank of the Republic of Türkiye used by the Group's subsidiaries in Türkiye. USD amounts presented in the asset accounts are translated into TL with the official TL exchange rate of USD buying on December 31, 2024, USD 1,00 (full) = TL 35,2803 (December 31, 2023; USD 1,00 (full) = TL 29,4382) whereas USD amounts in the liability accounts are translated into TL with the official TL exchange rate of USD selling on December 31, 2024, USD 1,00 (full) = TL 35,3438 (December 31, 2023; USD 1,00 (full) = TL 29,4913). Furthermore, USD amounts in the income statement are translated into TL, at the average TL exchange rate for USD buying for the period is USD 1,00 (full) = TL 32,7984 (January 1 – December 31, 2023; USD 1,00 (full) = TL 23,7776).
| Exchange Rates | 2024 | 2023 |
|---|---|---|
| Average USD/TL | 32,7984 | 23,7776 |
| End of Period USD/TL (purchases) | 35,2803 | 29,4382 |
| End of Period USD/TL (sales) | 35,3438 | 29,4913 |
The assets and liabilities of subsidiaries and joint ventures operating in foreign countries are translated at the rate of exchange ruling at the balance sheet date and the income statements of foreign subsidiaries and joint ventures are translated at average exchange rates. Differences that occur in the usage of closing and average exchange rates are followed under currency translation differences classified under equity.
2024 was a year marked by a persistent high inflation, combined with the spill-over from the conflict in the Middle East. Yet, our actions and relative improvement in market dynamics enabled gradual volume recovery in our key markets, Türkiye and Pakistan, particularly in the last quarter of the year.
Cycling a difficult operating environment in 2024, we will remain focused on what we can control in 2025, staying true to our purpose of creating sustainable value. To that effect, we will focus on driving volume growth by prioritizing affordability for consumers, delivering worldclass execution with our customers and an overall commitment to operational excellence.
Following the announcement of our 2025 volume guidance, we now offer a more detailed guidance on NSR/uc and EBIT margin, both on a reported basis and excluding TAS 29 adjustments. Additionally, we have incorporated Bangladesh into our 2025 volume expectations, with a limited impact on the previously provided volume guidance. Thus, we continue to uphold our previous volume guidance. This additional information offers further clarity on the financial outlook and demonstrates our ongoing commitment to transparent communication with our stakeholders.
Mid-single-digit volume growth on a consolidated basis
With inflation accounting, we expect to deliver mid-single-digit NSR/uc growth with flat EBIT margin.
Without the impact of inflation accounting, FX neutral NSR/uc to grow by low twenties with revenue increases in local currencies balancing cost inflation and price affordability to drive volume growth with slight EBIT margin pressure.
| Audited | ||||||
|---|---|---|---|---|---|---|
| January 1 - December 31 | October 1 – December 31 | |||||
| (TL million) | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) |
| Sales Volume (UC millions) | 1,501 | 1,535 | -2.2% | 271 | 252 | 7.3% |
| Revenue | 137,683 | 145,884 | -5.6% | 22,138 | 24,174 | -8.4% |
| Cost of Sales | -89,093 | -98,182 | -9.3% | -15,287 | -16,922 | -9.7% |
| Gross Profit from Operations | 48,590 | 47,702 | 1.9% | 6,851 | 7,252 | -5.5% |
| Distribution, Selling and Marketing Expenses |
-22,759 | -20,986 | 8.5% | -4,854 | -4,616 | 5.2% |
| General and Administrative Expenses | -7,464 | -6,171 | 21.0% | -1,943 | -1,639 | 18.5% |
| Other Operating Income | 3,065 | 3,900 | -21.4% | 715 | 752 | -4.9% |
| Other Operating Expense | -2,546 | -3,547 | -28.2% | -745 | -885 | -15.9% |
| Profit/(Loss) from Operations | 18,885 | 20,899 | -9.6% | 24 | 863 | -97.2% |
| Gain/(Loss) From Investing Activities | -75 | -38 | 95.6% | 151 | -2 | n.m. |
| Gain/(Loss) from Associates | -5 | -24 | 80.3% | -1 | -1 | 53.9% |
| Profit/(Loss) Before Financial Income/(Expense) |
18,806 | 20,836 | -9.7% | 175 | 860 | -79.7% |
| Financial Income | 4,057 | 9,709 | -58.2% | 702 | 1,923 | -63.5% |
| Financial Expenses | -12,805 | -15,770 | -18.8% | -2,729 | -3,705 | -26.3% |
| Monetary Gain /(Loss) | 9,884 | 22,700 | -56.5% | 1,533 | 5,990 | -74.4% |
| Profit/(Loss) Before Tax | 19,942 | 37,475 | -46.8% | -319 | 5,069 | n.m. |
| Deferred Tax Income/(Expense) | -1,322 | -1,920 | -31.1% | -717 | 1,348 | n.m. |
| Current Period Tax Expense | -3,728 | -5,004 | -25.5% | 689 | -82 | n.m. |
| Net Income/(Loss) Before Minority | 14,891 | 30,551 | -51.3% | -348 | 6,335 | n.m. |
| Minority Interest | -78 | -838 | -90.7% | -4 | -48 | -92.7% |
| Net Income | 14,813 | 29,713 | -50.1% | -351 | 6,286 | n.m. |
| EBITDA | 25,347 | 26,171 | -3.2% | 1,780 | 2,295 | -22.4% |
| January 1 - December 31 | October 1 – December 31 | |||||
|---|---|---|---|---|---|---|
| (TL million) | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) |
| Sales Volume (UC millions) | 568 | 567 | 0.1% | 104 | 88 | 18.4% |
| Revenue | 62,391 | 67,450 | -7.5% | 11,183 | 11,776 | -5.0% |
| Cost of Sales | -39,213 | -46,432 | -15.5% | -8,186 | -8,127 | 0.7% |
| Gross Profit from Operations | 23,178 | 21,017 | 10.3% | 2,997 | 3,649 | -17.9% |
| Distribution, Selling and Marketing Expenses |
-13,345 | -12,045 | 10.8% | -2,656 | -2,406 | 10.4% |
| General and Administrative Expenses | -5,122 | -4,375 | 17.1% | -1,295 | -1,243 | 4.2% |
| Other Operating Income | 10,937 | 24,733 | -55.8% | 550 | 11,690 | -95.3% |
| Other Operating Expense | -1,251 | -10,400 | -88.0% | -360 | -488 | -26.2% |
| Profit/(Loss) from Operations | 14,398 | 18,931 | -23.9% | -764 | 11,201 | n.m. |
| Gain/(Loss) From Investing Activities | 33 | -145 | n.m. | 123 | -47 | n.m. |
| Profit/(Loss) Before Financial Income/(Expense) |
14,430 | 18,786 | -23.2% | -640 | 11,154 | n.m. |
| Financial Income | 3,234 | 6,078 | -46.8% | 545 | 1,719 | -68.3% |
| Financial Expenses | -14,534 | -24,990 | -41.8% | -2,794 | -5,202 | -46.3% |
| Monetary Gain /(Loss) | 9,884 | 22,700 | -56.5% | 1,533 | 5,990 | -74.4% |
| Profit/(Loss) Before Tax | 13,014 | 22,574 | -42.4% | -1,357 | 13,662 | n.m. |
| Deferred Tax Income/(Expense) | -450 | 856 | n.m. | -600 | 1,507 | n.m. |
| Current Period Tax Expense | -886 | -1,069 | -17.1% | 809 | 368 | 119.7% |
| Net Income/(Loss) Before Minority | 11,677 | 22,361 | -47.8% | -1,148 | 15,538 | n.m. |
| Minority Interest | 0 | -316 | n.m. | 0 | -131 | n.m. |
| Net Income | 11,677 | 22,046 | -47.0% | -1,148 | 15,406 | n.m. |
| EBITDA | 17,355 | 21,641 | -19.8% | 12 | 11,927 | -99.9% |
| Audited | ||||||
|---|---|---|---|---|---|---|
| January 1 - December 31 | October 1 – December 31 | |||||
| (TL million) | 2024 | 2023 | Change (%) | 2024 | 2023 | Change (%) |
| Sales Volume (UC millions) | 934 | 968 | -3.6% | 166 | 164 | 1.4% |
| Revenue | 75,498 | 78,537 | -3.9% | 10,965 | 12,435 | -11.8% |
| Cost of Sales | -50,082 | -51,763 | -3.2% | -7,272 | -8,804 | -17.4% |
| Gross Profit from Operations | 25,417 | 26,773 | -5.1% | 3,692 | 3,631 | -1.7% |
| Distribution, Selling and Marketing Expenses |
-9,415 | -8,941 | 5.3% | -2,199 | -2,210 | -0.5% |
| General and Administrative Expenses | -3,520 | -2,916 | 20.7% | -718 | -639 | 12.3% |
| Other Operating Income | 1,510 | 8,952 | -83.1% | 486 | 58 | 739.2% |
| Other Operating Expense | -1,295 | -1,645 | -21.3% | -384 | -397 | -3.3% |
| Profit/(Loss) from Operations | 12,697 | 22,223 | -42.9% | 878 | 442 | 98.7% |
| Gain/(Loss) From Investing Activities | -201 | 106 | n.m. | -66 | 45 | n.m. |
| Gain/(Loss) from Associates | -5 | -24 | 80.3% | -1 | -1 | 53.9% |
| Profit/(Loss) Before Financial Income/(Expense) |
12,491 | 22,305 | -44.0% | 812 | 486 | 67.0% |
| Financial Income | 889 | 3,718 | -76.1% | 157 | 224 | -29.9% |
| Financial Expenses | -2,731 | -4,459 | -38.8% | -612 | -529 | 15.7% |
| Profit/(Loss) Before Tax | 10,648 | 21,564 | -50.6% | 357 | 181 | 97.1% |
| Deferred Tax Income/(Expense) | 41 | -168 | n.m. | -2 | 105 | n.m. |
| Current Period Tax Expense | -2,395 | -2,852 | -16.0% | -79 | -133 | -40.8% |
| Net Income/(Loss) Before Minority | 8,295 | 18,545 | -55.3% | 277 | 154 | 80.0% |
| Minority Interest | -78 | -532 | -85.3% | -4 | 74 | n.m. |
| Net Income | 8,217 | 18,012 | -54.4% | 273 | 227 | 20.1% |
| EBITDA | 16,460 | 25,143 | -34.5% | 1,771 | 1,233 | 43.6% |
| (TL million) | Audited | Audited | ||
|---|---|---|---|---|
| December 31, 2024 | December 31, 2023 | |||
| Current Assets | 60,757 | 69,669 | ||
| Cash and Cash Equivalents | 23,254 | 31,409 | ||
| Investments in Securities | 96 | 543 | ||
| Trade Receivables | 12,929 | 12,726 | ||
| Other Receivables | 590 | 174 | ||
| Derivative Financial Instruments | 37 | 204 | ||
| Inventories | 15,381 | 18,744 | ||
| Prepaid Expenses | 3,672 | 2,695 | ||
| Tax Related Current Assets | 1,977 | 917 | ||
| Other Current Assets | 2,820 | 2,258 | ||
| Non-Current Assets | 87,570 | 89,376 | ||
| Other Receivables | 184 | 195 | ||
| Property, Plant and Equipment | 54,256 | 50,871 | ||
| Goodwill | 5,517 | 6,706 | ||
| Intangible Assets | 24,190 | 27,865 | ||
| Right of Use Asset | 719 | 783 | ||
| Prepaid Expenses | 1,644 | 1,757 | ||
| Deferred Tax Asset | 1,061 | 838 | ||
| Derivative Financial Instruments | 0 | 48 | ||
| Other Non-Current Assets | 0 | 311 | ||
| Total Assets | 148,327 | 159,045 | ||
| Current Liabilities | 52,988 | 59,929 | ||
| Short-term Borrowings | 15,151 | 12,320 | ||
| Current Portion of Long-term Borrowings | 6,254 | 13,760 | ||
| Bank borrowings | 6,012 | 13,477 | ||
| Finance lease payables | 242 | 283 | ||
| Trade Payables | 25,618 | 26,849 | ||
| Due to related parties | 7,276 | 11,104 | ||
| Other trade payables to third parties | 18,342 | 15,745 | ||
| Payables Related to Employee Benefits | 510 | 522 | ||
| Other Payables | 3,443 | 3,600 | ||
| Due to related parties | 241 | 334 | ||
| Other payables to third parties | 3,202 | 3,267 | ||
| Derivative Financial Instruments | 3 | 402 | ||
| Deferred Income | 421 | 297 | ||
| Provision for Corporate Tax | 548 | 590 | ||
| Current Provisions | 821 | 1,395 | ||
| Other Current Liabilities | 218 | 194 | ||
| Non-Current Liabilities | 33,686 | 34,211 | ||
| Long-term Borrowings | 27,114 | 26,727 | ||
| Financial lease payables | 625 | 670 | ||
| Trade Payables | 4 | 7 | ||
| Provision for Employee Benefits | 886 | 1,057 | ||
| Deferred Tax Liability | 5,058 | 5,681 | ||
| Derivative Financial Instruments | 0 | 4 | ||
| Deferred Income | 0 | 64 | ||
| Equity of the Parent | 53,704 | 56,722 | ||
| Minority Interest | 7,949 | 8,184 | ||
| Total Liabilities | 148,327 | 159,045 | ||
| (TL million) | Audited Period End |
|
|---|---|---|
| Cash Flow from Operating Activities | ||
| IBT Adjusted for Non-cash items | 19,822 | 28,833 |
| Change in Tax Assets and Liabilities | -4,767 | -4,602 |
| Employee Term. Benefits, Vacation Pay, Management Bonus Payment |
-254 | -314 |
| Change in other current and non-current assets and liabilities | 3,674 | -5,307 |
| Change in Operating Assets & Liabilities | -1,729 | -500 |
| Net Cash Provided by Operating Activities | 16,747 | 18,109 |
| Purchase of Property, Plant & Equipment | -12,255 | -8,525 |
| Other Net Cash Provided by/ (Used in) Investing Activities | 102 | 478 |
| Cash inflow/outflow from acquisition of subsidiary | -817 | -4,336 |
| Net Cash Used in Investing Activities | -12,970 | -12,383 |
| Change in ST & LT Loans | 3,721 | 3,826 |
| Interest paid | -8,197 | -5,064 |
| Interest received | 1,811 | 1,428 |
| Dividends paid (including non-controlling interest) | -2,475 | -1,588 |
| Cash flow hedge reserve | -737 | -97 |
| Change in finance lease payables | -328 | -371 |
| Other | -4,277 | -4,129 |
| Net Cash Provided by / (Used in) Financing Activities | -10,482 | -5,996 |
| Currency Translation Differences | 72 | 119 |
| Monetary gain / loss on cash and cash equivalents | -1,523 | -1,767 |
| Net Change in Cash & Cash Equivalents | -8,156 | -1,918 |
| Cash & Cash equivalents at the beginning of the period | 31,409 | 33,327 |
| Cash & Cash Equivalents at the end of the period | 23,254 | 31,409 |
| Free Cash Flow | -2,222 | 5,577 |
| Investor Relations Contacts: | Media Contacts: |
|---|---|
| Burak Berki | Burçun İmir |
| Investor Relations Manager | Chief Corporate Affairs and Sustainability Officer |
| Tel: +90 216 528 3304 | Tel: +90 216 528 4209 |
| E-mail: [email protected] | E-mail: [email protected] |
| Tuğçe Tarhan | Ayşegül Şenalp |
| Investor Relations Executive | |
| Tel: +90 216 528 4119 | Group Head of Communications |
| E-mail: [email protected] | Tel: +90 532 611 5572 |
| Melih Turlin | E-mail: [email protected] |
| Investor Relations Analyst | |
| Tel: +90 216 528 4465 | |
| E-mail: [email protected] |
CCI is a multinational beverage company which operates in Türkiye, Pakistan, Kazakhstan, Iraq, Uzbekistan, Bangladesh, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan, and Syria. CCI produces, distributes and sells sparkling and still beverages of The Coca-Cola Company and Monster Energy Beverage Corporation along with the production of fruit juice concentrate via its affiliate Anadolu Etap İçecek (Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret Anonim Şirket).
CCI employs more than 10,000 people, has a total of 33 bottling plants, and 3 fruit processing plants in 12 countries, offering a wide range of beverages to a population base of 600 million people. In addition to sparkling beverages, the product portfolio includes juices, waters, sports and energy drinks, iced teas and coffee.
CCI's shares are traded on the Borsa Istanbul Stock Exchange (BIST) under the symbol "CCOLA.IS".
Reuters: CCOLA.IS Bloomberg: CCOLA.TI
17 This document contains 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 meaning. 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 Turkish Lira and currencies in CCI's other markets; the level of inflation in Türkiye and CCI's other markets; other changes in the political or economic environment in Türkiye or CCI's other markets; adverse weather conditions during the summer months; changes in the level of tourism in Türkiye; 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 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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