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Coca-Cola Icecek Reports

Fourth Quarter and Full Year 2008 Results

	Q4 2008				FY 2008
% Change	Unit Case Volume	Net Sales	EBITDA		Unit Case Volume	Net Sales	EBITDA
Turkey	8%	6%	29%		10%	16%	18%
International*	42%	36%	(105%)		15%	23%	(11%)
Consolidated	15%	19%	12%		11%	17%	14%

*In USD terms

Fourth Quarter 2008 Highlights

• Consolidated sales volume for the 4Q08 totaled 105 million unit cases, 15% higher than the figure recorded in the same period of last year. All regions contributed to this top line growth. 

• Consolidated net revenues for the 4Q08 amounted to TL 430 million, representing a 19% increase compared to 4Q07. International operations contributed 26% of total net revenues. Pakistan's financials were proportionally consolidated starting in the fourth quarter.

• Consolidated EBITDA grew by 12% to TL 21 million. EBITDA margin dropped slightly to 4.8% in 4Q08 from 5.1% in 4Q07.

2008 Full Year Highlights

• Consolidated sales volume increased by 11% to 533 million unit cases in 2008. International sales contributed to 21% of total volume.

• Consolidated net revenues rose to TL 2,258 million, 17% above prior year figures. Net revenues from Turkey operations grow by 16% with the help of successful revenue management. International operations' net revenues delivered 23% growth despite the global economic crunch, felt especially in our Central Asian operations.

• Consolidated EBITDA grew by 14% to TL 375 million on the back of 18% EBITDA growth in Turkish operations. EBITDA margin dropped to 16.6% in 2008 from 17.1% in 2007 due to soft fourth quarter operating performance mainly in Central Asia.

• Consolidated net income in 2008 declined by 47% to TL 81 million due to financial expenses, generated by non-cash FX losses from FX denominated financial debt.

Comments from the Chief Executive Officer, Mr. Michael A. O'Neill

Coca-Cola İçecek (CCI) performed well in 2008 despite the economic crisis; we managed to deliver volume growth of 11%, net sales reaching TL 2,258 million, up by 17%.

2008 had been an important milestone in CCI history. We started sales and distribution of Doğadan products in Turkey, which adds further momentum to our business. Pakistan was added to CCI's geography, thus doubling the consumer base we serve. At the end of 2008, our new production center in Elazığ started trial production. With a production center founded in Elazığ, CCI will be able to provide better and faster service to 32 surrounding cities with a high sales potential in the region.

 

In 2009, while delivering top-line growth, we are going to focus on supply chain efficiencies, effective working capital management and seek further efficiencies in our capital expenditure. We will also benefit from the sector we are in as non-alcoholic beverages is one of the least and last affected sectors during economic downturns.

With the power inherited from our flexible strategy, diversified portfolio of products and operating countries, we will continue to create increasingly more added value for our shareholders, our employees, and for society as a whole while refreshing more than 335 million people.'

Consolidated Summary

Sales Volume

• 4Q08: Sales volume grew by 15% from 91 million unit cases in 4Q07 to 105 million unit cases. 

• FY08: Consolidated sales volume grew by 11% from 480 million unit cases in 2007 to 533 million unit cases in 2008. 

• In 2008, Turkey operation's share in total volume was 79%, and remaining 21% was contributed by International operations. 

• Pakistan's volume was proportionally consolidated starting in 4Q08.

Net Sales

• 4Q08: Net sales increased by 19% to TL 430 million versus 4Q07. 

• FY08: Net sales increased by 17% to TL 2,258 million versus prior year. TL 404 million (US$ 311 million) of the net sales is attributable to International operations.

Cost of Sales

• 4Q08: Cost of sales increased by 25%, to TL 283 million.

• FY08: Cost of sales increased by 18% to TL 1,347 million.

• Cost of sales as a percentage of net sales increased slightly from 59.3% to 59.6%.

• Cost of Sales was negatively affected by the increase in commodity prices. However, our supply chain strategy of driving scale efficiencies across all operations brought benefits.

Gross Profit

• 4Q08: Gross profit increased by 9% to TL 148 million.

• FY08: Gross profit increased by 16% to TL 911 million.

• Consolidated gross profit margin decreased by 30bps to 40.4% in 2008. 

EBIT

• 4Q08: Operating loss increased by 18% to TL 11 million.

• FY08: EBIT increased by 13% to TL 260 million.

• EBIT margin decreased by 40bps to 11.5% in 2008 versus prior year. 

EBITDA

• 4Q08: EBITDA increased by 12% to TL 21 million. 

• FY08: EBITDA increased by 14% to TL 375 million. 

• EBITDA margin decreased by 50bps to 16.6% in 2008 versus prior year. 

Net Income

• 4Q08: CCI recorded a net loss of TL 103 million in the fourth quarter compared to a net loss of TL 13 million in 4Q07 due to financial expenses generated by non-cash FX losses from FX denominated financial debt. 

• FY08: CCI recorded net income of TL 81 million compared to a net income of TL 154 million a year ago. 

• Earnings per share decreased from TL 0.0060 in 2007 to TL 0.0032 in 2008.

  

Turkey Summary

Sales Volume

• 4Q08: Unit case volume in Turkey increased by 8% to 78 million.  

• FY08: Unit case volume in Turkey increased by 10% to 421 million on the back of market share gains in sparkling and still beverage categories. Our market share in sparkling beverage category rose from 66.1% in 2007 to 68.7% in 2008. Our market shares in fruit juices & nectars and bottled water improved from 26.8% to 27.3% and 7.3% to 8.3%, respectively. 

• Turkey Operation made an excellent start to the year, recording 16% robust volume growth in 1Q08 mainly due to the VAT reduction in January which resulted in decreased retail stock levels in 4Q07 and low base effect of 1Q07. In 2Q08, volume rose by 9% despite the slowdown of sparkling beverage category in Turkey with the contribution of both Coca-Cola Zero and Fanta. Turkey's third quarter volume grew by 8% in which non-ready-to-drink Doğadan volume is included from September onwards. Despite the economic downturn and shifting of Ramadan from fourth quarter to third quarter in 2008, Turkey's volume increased by solid 8% in 4Q08.

• In 2008, the launch of Coca-Cola Zero, Sprite 3G, and the extension of both Sparkling and Juice Beverage portfolios as well as increased penetration of HOD and PET water contributed to the market share gains and solid volume growth in Turkey. An affordable entry level 250ml PET package for Coca-Cola and Fanta and new design 1L bottle for Schweppes were introduced. Schweppes product portfolio was expanded with the addition of tonic pomegranate flavour. Successful consumer promotion activations such as Euro Cup, Ramadan, Fanta Youth Fest and 200ml returnable glass bottle campaign also contributed to the strong top-line growth. 

• Coca-Cola Satış ve Dağıtım A.Ş. (CCSD), a fully owned subsidiary of CCI, took over the sales & distribution of Doğadan tea starting from September 1, 2008. Accordingly, Doğadan contributed 8 million unit cases to Q408 volume.

Net Sales

• 4Q08: Net sales increased by 6% to TL 321 million.

• FY08: Net sales increased by 16% to TL 1,857 million. 

• Net revenue per unit case increased by 5.5% in 2008 versus c.7.8% average price increase due to change in package mix.

Cost of Sales

• 4Q08: Cost of sales increased by 10% to TL 205 million. 

• FY08: Cost of sales increased by 16% to TL 1,072 million. 

• The increase in cost of sales was attributable to sugar and PET resin price increases.

• Cost of sales as a percentage of net sales dropped slightly to 57.7% in 2008 from 57.9% in 2007.

Gross Profit

• 4Q08: Gross profit decreased by 1% to TL 115 million.

• FY08: Gross profit increased by 17% to TL 785 million.

• Gross profit margin increased by 20bps to 42.3% in 2008.

EBIT

• 4Q08: Operating loss declined by 28% to TL 5 million loss versus prior year.

• FY08: EBIT increased by 21% to TL 233 million versus prior year.

• In 4Q08, operating expenses as a percentage of net sales y-o-y remained flat.

• In 2008, operating expenses increased more than net sales growth mainly due to increases in selling and distribution, marketing and general administrative expenses. Distribution expenses soared owing to upsurge in gasoline prices while selling and marketing expenses increased due to new product launches and consumer promotions.

• EBIT margin expanded by 40bps, reaching to 12.5% in 2008. 

EBITDA

• 4Q08: EBITDA increased by 29% to TL 18 million.

• FY08: EBITDA increased by 18% to TL 324 million.

• EBITDA margin increased by 30bps to 17.4% in 2008. 

  

International Summary

Sales Volume

• 4Q08: Unit case volume increased by 42% to 27 million.

• FY08: Unit case volume increased by 15% to 113 million. On a proforma organic basis, excluding the sales volume of Pakistan operations from 2008 figures, volume increased by 7% in international operations. 

• Central Asia lagged well behind expectations in 2008. Central Asia volume growth stood at a positive figure despite the sluggish growth of Kazakhstan which was the largest contributor to the region's overall volume with 52% in 2008. Consumer spending in Kazakhstan has been severely affected by the global financial and economic crisis in 2008 which had already started in 2007. Despite the economic slowdown in the region, Azerbaijan and Kyrgyzstan's volume growth were in line with our guidance in 2008.

• Middle East continued to post high growth rates in 2008. Sales in Iraq and Syria grew well above our mid-term guidance. Our production facility started its operations in North Iraq and we entered the Syrian market in 2007.

• In 4Q08, Pakistan was added to our geography, thus doubling the consumer base we serve.

• In Central Asia; Coca-Cola 500 ml PET Grip Bottle, Cappy Pulpy Orange, Piko 2L, Nestea 1L Tetra and 0.5L PET were launched in Kazakhstan and Cappy and Burn brands were added to the Azerbaijan brand portfolio. Middle East launches included; Coca-Cola Zero in Jordan and Syria, Cappy and Burn in Jordan and Iraq, and Riwa water in Syria. Minute Maid Splash and Pulpy Orange were launched in Pakistan. 

• We have experienced volume growth in all International markets in all categories, while Pakistan, newly consolidated in 2008, also contributed to the total growth in Q4.  

Net Sales

• 4Q08: Net sales increased by 36% to US$ 70 million.

• FY08: Net sales increased by 23% to US$ 311 million. 

• Net revenue per unit case increased by c.6.6% in 2008 less than 7.5% average price increase, as countries' share in total, generating higher net revenue per unit case was diminished. 

Cost of Sales

• 4Q08: Cost of sales increased by 41% to US$ 50 million. 

• FY08: Cost of sales increased by 27% to US$ 215 million.  

• Cost of sales as a percentage of sales increased to 68.9% in 2008 from 66.8% in 2007.

• The sharp increases in cost of sales were attributable to hikes in raw material prices and depreciation owing to a heavy investment period mainly in Central Asia. 

Gross Profit

• 4Q08: Gross profit increased by 24% to US$ 20 million.

• FY08: Gross profit increased by 15% to US$ 97 million.

• Gross profit margin declined by 220 bps to 31% in 2008. Net sales growth only partially compensated for higher cost of goods sold. 

EBIT

• 4Q08: Operating loss increased to US$ 6 million.

• FY08: EBIT decreased to US$ 20 million versus US$ 28 million in 2007. 

• Overall operating expenses of International operations increased by 43.5% versus prior year, mainly due to increases in personnel and distribution expenses. Furthermore, Syria was not part of a proportional consolidation until the end of April 2007 and both Syrian and Iraqi operations were at start-up phases in 2007, whereby expense bases in 2007 were lower. 

• EBIT margin declined by 470 bps to 6.4% in 2008. The consolidation of Pakistan starting from 4Q08 also diluted margins to some extent.

EBITDA

• 4Q08: EBITDA was minus US$ 0.3 million.

• FY08: EBITDA decreased by 11% to US$ 39 million. 

• EBITDA margin decreased by 490 bps to 12.6% in 2008.

Capital Expenditures 

Capital Expenditures (TL m)	2008	2007
PP&E and intangibles	304	268
Acquisitions	123	0
Total	427	268

• Total capital expenditures rose by 59% to TL 427 million in 2008. Recall that CCI made $77 million payment for the stake acquisition in Pakistan in 4Q08. 

• Capital expenditures / net sales ratio dropped to 13% in 2008 versus 14% in 2007 (excluding acquisitions). 

  

Debt Structure

• As of December 31, 2008 consolidated total financial debt increased to US$ 680 million from US$ 436 million as of December 31, 2007. Only 10% of total debt is short-term while the majority is due in 2010.

Maturity profile of the outstanding debt:

Maturity Date	2009	2010	2011	2012	2013
% of total debt	10%	59%	28%	2%	1%

• Consolidated financial debt's majority is denominated in FX terms, of which 84% is US$ and 14% is EUR.

• Consolidated net debt as of December 31, 2008 was US$ 512 million while it was US$ 309 million as of December, 2007. As of September 30, 2008 consolidated net debt was US$ 547 million. 

  Financial Leverage Ratios	2008	2007
  Debt Ratio (Total Fin. Debt / Total Assets)	42%	31%
  Fin. Debt-to-Equity Ratio	93%	55%
  Interest Coverage (EBIT / Interest Charges, net)	7.7x	7.4x
  Net Debt / EBITDA	2.07x	1.09x

Analysis of Financial Expenses 

Financial Income / (Expense) Breakdown  (TL m)
	2008	2007
Interest income	14	11
Interest expense (-)	(47)	(42)
Foreign exchange gain / (loss)	24	(34)
Realized FX gain / (loss) - Borrowings	(20)	7
Unrealized FX gain / (loss) - Borrowings	(129)	53
Gain / (loss) on derivative transactions	(0.5)	(17)
Financial Income / (Expense) Net	(159)	(22)
Financial Income	184	119
Financial Expenses (-)	(343)	(141)
Financial Income / (Expense) Net	(159)	(22)

• TL 159 million of net financial expenses recorded stemmed from FX losses; TL 129 million of this amount was booked as unrealized non-cash foreign exchange due to borrowings which has no impact on cash flows.  

Accounting Principles

Effective from January 1, 2005 concurrent with the removal of six zero digits, the new currency unit of Turkey was introduced as New Turkish Lira (YTL). The Government resolved to remove the 'New' phrase in the local currency unit effective from January 1, 2009. Accordingly the Company's functional and presentation currency as of December 31, 2008 is TL and comparative figures for the prior year(s) have also been presented in TL, using the conversion rate of YTL 1 = TL 1.

According to CMB Communiqué Serial XI, No: 29 'Communiqué for the Financial Reporting Standards in Capital Markets' issued on April 9, 2008, CMB has declared that CMB Communiqué Serial XI, No: 25 'Communiqué for the Accounting Standards in Capital Markets' is no longer effective starting from January 1, 2008. In this Communiqué, CMB stated that financial statements have to be prepared in accordance with IFRS by the application of accounting standards prescribed by the International Accounting Standards Board ('IASB') and International Accounting Standards Committee ('IASC').

Comparative IFRS financial statements are prepared in accordance with CMB Communiqué Serial XI, No: 29 'Communiqué for the Financial Reporting Standards in Capital Markets'. The Group has made certain reclassifications in the comparative financial statements to be consistent with the current period presentation, since prior periods were prepared in accordance with CMB Communiqué Serial XI, No: 25 'Communiqué for the Accounting Standards in Capital Markets'. The most important difference in this new application is the reporting of other income and expense, as they will be reported as part of operating income going forward. Additionally, foreign exchange gains and losses are now classified under financial income and expense rather than other income and expense line.

The attached audited consolidated financial statements are comprised of the financial statements of CCI, its wholly owned subsidiaries and joint ventures. Subsidiaries and joint ventures are consolidated from the date on which control is transferred to the Company. 

As of February 6, 2007, a new joint venture company was established in Iraq, 60% of which is owned by The Coca-Cola Bottling Company of Iraq FZCO, a 50% stake owned by CCI International Holland B.V. (formerly known as Efes Invest Holland B.V.), a subsidiary of CCI. In addition, CCI acquired a 50% stake in Syrian Soft Drink Sales and Distribution L.L.C. ('SSDSD'), through its subsidiary CCI International Holland B.V., from Anadolu Endüstri Holding A.Ş. in April 2007. The Group's interest in joint ventures is accounted for by way of proportionate consolidation; in other words, the Group includes its share of the assets, liabilities, income and expenses of each joint venture in the relevant components of the financial statements.

CCI signed the share purchase agreement for the acquisition of 48.99% stake for USD 76.9 million in Coca-Cola Beverages Pakistan Limited ('CCBPL') as of September 2008. Share transfer registration of 46.98% shares was completed as of September 25, 2008 and registration of 2.01% shares was completed in October 2008. Since CCI acquired CCBPL on September 25, 2008, CCI started to proportionally consolidate CCBPL's income statement starting from October 1, 2008.

The functional and reporting currency of International operations is U.S. Dollars, except for Pakistan. The functional currency of CCBPL is the Pakistan Rupee (PKR) and reporting currency is USD. However, in the consolidation process, the amounts shown on the balance sheet at December 31, 2008 and December 31, 2007 are translated from U.S. Dollars, at the official TL exchange rate for purchases of U.S. Dollars announced by the Central Bank of the Republic of Turkey at the end of December 2007 and December 2008, and the amounts shown in the income statement are translated from U.S. Dollars with the average exchange rates. The consolidation methods of the subsidiaries and joint ventures are summarized below:

Subsidiaries and Joint Ventures	Country	Consolidation Method
Coca-Cola Satış ve Dağıtım A.Ş.	Turkey	Full Consolidation
Mahmudiye Kaynak Suyu Limited Şirketi	Turkey	Full Consolidation
J.V. 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	Netherlands	Full Consolidation
Tonus Joint Stock Co.	Kazakhstan	Full Consolidation
The Coca-Cola Bottling Company of Jordan Ltd.	Jordan	Full Consolidation
Efes Sınai Dış Ticaret A.Ş.	Turkey	Full Consolidation
The Coca-Cola Bottling of Iraq FZCO	U.A.E.	Proportionate Consolidation
Coca-Cola Beverages Pakistan Limited CC Beverage Limited	Pakistan Iraq	Proportionate Consolidation Proportionate Consolidation
Syrian Soft Drink Sales and Distribution L.L.C.	Syria	Proportionate Consolidation
Turkmenistan Coca-Cola Bottlers Ltd.	Turkmenistan	Equity Method

Recent Developments

• Suspension of Doğadan Acquisition

As announced on September 1, 2008, Coca-Cola Satış ve Dağıtım A.Ş. (CCSD), a fully owned subsidiary of Coca-Cola İçecek A.Ş., started sales and distribution of Doğadan Gıda Ürünleri Sanayi ve Pazarlama A.Ş. (Doğadan) products by CCSD throughout Turkey starting from September 2008. In addition to this, the negotiations for the acquisition of a 50% equity stake in Doğadan, announced on January 31, 2008 for the first time, have been suspended but are expected to resume at a future date. Should further developments on the issue arise, CCI will make the necessary public announcements.

• Share Purchase in Turkmenistan

Coca-Cola İçecek A.Ş.  acquired The Coca-Cola Export Corporation's (TCCEC) 13.75% share in Turkmenistan Coca-Cola Bottlers Limited (TCCB) which was announced on December 26, 2007 and Day Investments Ltd's 12.50% share in TCCB which was announced on May 28, 2008. CCI made a total payment of USD 4.2 million in cash and CCI's 33.25% share in TCCB increased to 59.5%.

• Fitch Affirmed CCI's Local Currency Issuer Default Rating

Fitch Ratings affirmed Coca-Cola İçecek A.Ş.'s Local Currency Senior Unsecured and Issuer Default ratings (IDR) at 'BBB'. The Company's Foreign Currency Senior Unsecured rating and IDR, which are constrained by Turkey's Country Ceiling, are affirmed at 'BB'. While Fitch affirms the Stable Outlook for Foreign Currency IDR, The Outlook on the Local IDR has been revised to Negative from Stable. Our local currency rating remains at four notches above the sovereign rating.

• Sale and Purchase Agreement between Sandras and CCI 

In order to meet additional capacity requirement in the water sector, CCI decided to purchase certain real estates, movables, licenses and other assets related to the water business of Sandras for an amount of 29.350.000.-TL+V.A.T. and the acquisition agreement was signed on March 6, 2009. The purchase price is determined through bilateral negotiations. Following the approval of The Competition Board, transfer transactions will be finalized. Following the transfer of the said real-estates, movables, licenses and other assets, the full amount will be paid in cash. At the acquired facilities, CCI will bottle water under the Damla brand name. 

Webcasting

CCI will host a webcasting to discuss the FY08 results on April 7, 2009, at 17:30 p.m., Istanbul time (15:30 p.m., London time and 10:30 a.m., New York time). A copy of the conference call presentation can be accessed through our web site 'www.cci.com.tr'. Interested parties can access the live webcast and also slides of the call through: 

Click here to access to webcast: 

Dial in numbers

UK Dial in:+44 (0)20 8611 0014

US Dial in: +1 866 432 7175

Turkey Dial in: 00800 4463 2065

Company Profile

Coca-Cola İçecek (CCOLA.IS) (CCI) as a listed company on the Istanbul Stock Exchange, has a vision to be one of the leading bottlers of alcohol-free beverages in Southern Eurasia (which we define as Turkey, the Caucasus and Central Asia) and the Middle East. Our business is to produce, sell and distribute Sparkling and Still beverages, primarily brands of The Coca-Cola Company, in Turkey, Pakistan, Kazakhstan, Azerbaijan, Jordan, Kyrgyzstan and Turkmenistan. In addition, CCI is a party to joint venture agreements that have the exclusive distribution rights for brands of The Coca-Cola Company in Iraq and Syria. 

CCI offers a wide range of beverages, including Sparkling beverages as well as an expanding portfolio of Still beverages (a category that includes juices, waters, sports drinks and iced tea). The core brands in all markets are Coca-Cola, Coca-Cola light, Fanta and Sprite. For more information about CCI, please visit our website at www.cci.com.tr

Reuters	CCOLA.IS
Bloomberg	CCOLA TI

Contacts

Investor Relations Burak Başarır, Chief Financial Officer Deniz Can Yücel, Investor Relations Manager Tel: +90 216 528 3386

Media Relations Atilla Yerlikaya, Corporate Affairs Director Tel: +90 216 528 4194

  

Special Note Regarding Forward-Looking Statements

This press release includes forward-looking statements including, but not limited to, statements regarding CCI's 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.

  CCI - Consolidated IFRS Income Statement 

as per regulations of the CMB

(TL million)	January 1 -  Dec. 31, 2008 (audited)	January 1 -  Dec. 31, 2007* (audited)	Oct 1 -  Dec. 31, 2008 (unaudited)	Oct 1 -  Dec. 31, 2007* (unaudited)
Sales Volume (million uc)	533	480	105	91
Net Sales	2,258.1	1,925.9	430.2	361.4
Cost of Sales	(1,346.7)	(1,142.0)	(282.6)	(226.2)
Gross Profit	911.4	783.9	147.6	135.2
Operating Expenses (net)	(657.5)	(541.5)	(158.7)	(138.3)
Other Income/Expense (net)	5.7	(12.7)	(0.3)	(6.6)
EBIT	259.6	229.7	(11.4)	(9.7)
Gain/(Loss) from Associates	1.7	(0.7)	1.4	(0.2)
Financial Income/Expense (net)	(159.0)	(22.5)	(119.5)	(6.1)
Income Before Minority Interest & Tax	102.3	206.5	(129.5)	(16.1)
Income Taxes	(19.8)	(50.6)	26.4	2.0
Income Before Minority Interest	82.5	155.9	(103.1)	(14.1)
Minority interest	(1.1)	(2.2)	0.5	1.3
Net Income (Loss)	81.4	153.7	(102.6)	(12.8)
EBITDA	375.3	329.8	20.5	18.4

 * Restated according to the reclassifications made on December 31, 2007 consolidated financial statements in accordance with the CMB Communiqué No: XI-29. 

CCI - Consolidated IFRS Balance Sheet as per regulations of the CMB    

 

(TL million)	December 31, 2008 (audited)		December 31, 2007 (audited)		(TL million)	December 31, 2008 (audited)	December 31, 2007 (audited)
Cash & Cash Equivalents	250.1		141.4		ST Borrowings	142.2	219.3
Investments in Securities	4.2		6.4		Trade Payables and  Due to Related Parties	157.3	123.4
Trade Receivables and  Due from Related Parties, net	202.8		156.0		Other Payables	66.7	49.6
Inventories	230.9		162.1		Provision for Corporate Tax	1.8	4.8
Other Receivables	8.7		0.6		Provision for Employee Benefits	11.5	8.6
Other Current Assets	141.5		66.7		Other liabilities	13.3	14.1
Total Current Assets	838.2		533.2		Total Current Liabilities	392.8	419.8
Investment in Associate		3.9	1.5		LT Borrowings	886.7	288.5
Property, Plant and Equipment		1,181.9	838.8		Provision for Employee Benefits	27.9	20.1
Intangible Assets (including goodwill)		399.9	258.2		Deferred Tax Liability	31.7	24.3
Deferred Tax Assets		1.3	1.3		Total Non-Current Liabilities	946.3	332.9
Other receivables and non-current assets		22.1	44.1
Total Non-current Assets		1,609.1	1,143.9		Shareholders Equity	1,108.2	924.4
TOTAL ASSETS		2,447.3	1,677.1		TOTAL LIABILITIES AND  SHAREHOLDER'S EQUITY	2,447.3	1,677.1

Turkey Operation - IFRS Income Statement as per regulations of the CMB 

(TL million)	January 1 -  Dec. 31, 2008 (audited)		January 1 -  Dec. 31, 2007* (audited)	Oct 1 -  Dec. 31, 2008 (unaudited)	Oct 1 -  Dec. 31, 2007* (unaudited)
Sales Volume (million uc)	421		382	78	72
Net Sales	1,857.3		1,599.9	320.6	302.9
Cost of Sales	(1,072.2)		(925.8)	(205.2)	(186.0)
Gross Profit	785.1		674.1	115.4	116.9
Operating Expenses (net)	(556.5)		(470.6)	(121.6)	(120.6)
Other Income/Expense (net)	4.4		(10.2)	1.0	(3.6)
EBIT	233.0		193.3	(5.2)	(7.3)
EBITDA	323.8		273.8	17.7	13.7

 * Restated according to the reclassifications made on December 31, 2007 consolidated financial statements in accordance with the CMB Communiqué No: XI-29.

International Operations - IFRS Income Statement as per regulations of the CMB 

(US$ million)	January 1 -  Dec. 31, 2008 (audited)	January 1 -  Dec. 31, 2007* (audited)		Oct 1 - Dec. 31, 2008 (unaudited)		Oct 1 -  Dec. 31, 2007* (unaudited)
Sales Volume (million uc)	113	98		27		19
Net Sales	311.1	252.7		70.2		51.8
Cost of Sales	(214.6)	(168.9)	(50.4)		(35.8)
Gross Profit	96.5	83.8	19.8		16.0
Operating Expenses (net)	(79.8)	(55.6)	(27.1)		(15.6)
Other Income/Expense (net)	3.3	(0.2)	1.2		(0.6)
EBIT	20.0	28.0	(6.1)		(0.2)
EBITDA	39.2	44.2	(0.3)		6.6

 * Restated according to the reclassifications made on December 31, 2007 consolidated financial statements in accordance with the CMB Communiqué No: XI-29.

Financial statements with footnotes are available on our web site at www.cci.com.tr.

ENDFR UOUBRKORSRAR