BGC Partners: CCOLA 4Q19 Earnings Review: Better
Coca-Cola Icecek (CCI) posted a net profit of TL0.6mn in 4Q19, substantially better than market consensus of TL148mn loss and our expectation of TL184mn loss. EBITDA came in at TL249mn (+74% YoY) in 4Q19, beating market consensus (TL139mn) and our expectation (TL154mn). Main deviation from our estimates was higher than expected pricing and EBITDA margin in international operations along with lower than expected net financial expenses.Coca-Cola Icecek is a bottler and distributor of alcohol-free beverages in Turkey, Pakistan, Central Asia and the Middle East. Co. focuses on the production, sales and distribution of sparkling and still beverages with The Coca-Cola Company (TCCC) trademarks. Co. has rights to produce, sell and distribute TCCC branded beverages including Coca-Cola, Coca-Cola Zero, Coca-Cola Light, Fanta, Sprite, Cappy, Sen Sun, Powerade and Fuse Tea in TCCC authorized packages throughout Turkey. Co. also has the right to produce, sell and distribute Burn and Gladiator branded energy drinks throughout Turkey, as well as bottling and distribution rights in Turkey for Schweppes branded beverages.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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