BGC Partners - Coca-Cola Icecek A.S. (CCOLA) COCA COLA 2Q18 - MUCH BETTER

Report

BGC Partners

Ezgi Yilmaz

EUR 137.78 For Business Accounts Only

COCA COLA 2Q18 - MUCH BETTER

Coca-Cola Icecek (CCI) posted a net profit of TL187mn (-19% YoY) in 2Q18, substantially beating market consensus of TL36mn and our expectation of TL45mn. EBITDA came in at TL634mn (+28% YoY) in 2Q18, broadly in line with market consensus (TL606mn) and our expectation (TL622). Stronger than expected net profit stemmed from designating US$281mn of the companyâ€™s US$500mn Eurobond as a hedging instrument against FX risks related to translation of its foreign assets. Accordingly, the company booked FX losses (TL134mn) related to this hedging instrument under equity. Such accounting change was effective starting from April 1. Expecting results to have a positive impact on the stock. HOLD Maintained.

09/08/2018 6 EN

Underlying

Coca-Cola Icecek A.S.

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.

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TRECOLA00011 Istanbul Stock Exchange Turkey

Provider

BGC Partners

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

See profile

Analysts

Ezgi Yilmaz

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Finance Ministry released February Central Government budget figures and the data showed further improvement in budget balances, as already suggested by the Treasury cash budget figures.

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COCA COLA 2Q18 - MUCH BETTER

WOOD Daily: ARCLK TI; XTB PW; CCC PW; OPL PW; HUG PW; TEN PW; RBW PW; CEZ CP; RICHT HB; MOL HB; GEKTERNA GA; FROTO TI; TOASO TI; CCOLA TI; EME Macro/Strategy Weekly; IGN1L LH; BOROUGE UH; Rear-View Mirror

The Rear-View Mirror – EME markets: all indices in the green in January

WOOD Daily: KRU PW; SPL PW; EBS AV; CAR PW; DHS HB; CCOLA TI; EME Macro/Strategy Weekly

BGC Partners: TURKEY - Central Government Budget continued to improve in February

BGC Partners: TURKEY - CBT Expectation Survey: No major change in inflation forecasts and a 50bps rate cut expectation from the CBT next week...

BGC Partners: TURKEY - Retail sales volume maintained a strong trend in January

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