CocaCola Amatil

1
Coca-Cola Amatil Half Year Results Presentation
-John Wartig 3rd August 2004 A leading beverage
for every occasion
2
H1 2004 - Fifth Consecutive Half of Double-Digit
Earnings Growth
Change
2004
Am
2003
12.2
242.6
EBIT
216.2
1.1pts
14.6
Margin
13.5
16.6
127.7
Net Profit
109.5
15.2
18.2c
EPS
15.8c
1.4pts
Return on Capital Employed
9.3
10.7
Free Cash Flow
74.4
112.9
Interim Dividend, per share
25.0
12.5c
10.0c
Franking (interim dividend)
100
50
3
H1 2004 Free Cash Flow Remaining Strong
Am 2004 2003 Change EBIT 242.6 216.2 12.2 Dep
n amort. 70.4 72.0 Dividend received 0.8 - Int
erest (55.0) (55.3) Taxation (135.6) (61.4) Wor
king capital redn/(incr) 59.1 (74.7) Operating
cash flow 182.3 96.8 88.3 Capital
expenditure (73.7) (55.3) Sale of fixed
assets 4.3 32.9 Free Cash Flow 112.9 74.4 51.7
Cash Conversion ratio 58.2 33.6
4
EBIT Base Business Continues to Deliver Strong
Results
17.7m 8.2
10.8m 5.0
(2.1)m -1.0
242.6m 12.2
216.2m
5
Australia Outstanding EBIT Growth Margin
Improvement
Change
H1 2003
H1 2004
13.4
871.1
987.6
Revenue from sales of beverages (m)
(0.9)
6.38
6.32
Revenue per unit case
1.6
6.38
6.48
Revenue per unit case (excluding Neverfail)
14.5
136.5
156.3
Sales Volume (million unit cases)
7.5
136.5
146.8
Sales Volume, excluding Neverfail (million unit
cases)
22.1
162.5
198.4
EBIT (m)
1.4pts
18.7
20.1
EBIT Margin
4.4
4.5
Capital Expenditure to Revenue
6
Oceania Solid Result, Led by NZ and Improved
PNG
Change
H1 2003
H1 2004
1.2
234.7
237.6
Revenue from sales of beverages (m)
(1.9)
6.34
6.22
Revenue per unit case
3.2
37.0
38.2
Sales Volume (million unit cases)
7.8
38.5
41.5
EBIT (m)
1.1pts
16.4
17.5
EBIT Margin
3.6
2.6
Capital Expenditure to Revenue
7
South Korea Solid Progress in Addressing H203
Trading Loss
Change
H1 2003
H1 2004
(14.2)
335.8
288.2
Revenue from sales of beverages (m)
(13.9)
5.25
4.52
Revenue per unit case
(0.5)
64.0
63.7
Sales Volume (million unit cases)
(46.4)
23.9
12.8
EBIT (m)
(2.7)pts
7.1
4.4
EBIT Margin
1.8
7.3
Capital Expenditure to Revenue
8
Indonesia Encouraging Result in Challenging
Environment
Change
H1 2003
H1 2004
(8.5)
164.1
150.2
Revenue from sales of beverages (m)
(15.9)
4.09
3.44
Revenue per unit case
8.7
40.1
43.6
Sales Volume (million unit cases)
26.0
5.0
6.3
EBIT(m)
1.2pts
3.0
4.2
EBIT Margin
1.6
0.9
Capital Expenditure to Revenue
9
Key Impacts on CCA Accounting Policies from
Adoption of IFRS

• Share Based Payments no change to CCAs
  treatment
• Non-Current Assets potential Balance Sheet
  reclassification
• Income Taxes - higher assets liabilities in
  Balance Sheet
• Land Buildings may revert to cost no
  revaluation reserve
• Post Employment Benefits no change to CCAs
  treatment
• Foreign Exchange - may reset currency translation
  reserve in Balance Sheet to zero
• Financial Instruments no change to CCAs
  treatment

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Key Impacts on CCA Accounting Policies from
Adoption of IFRS (contd)

• Investments in Bottlers Agreements
• Reversal of prior revaluations (AASB 1010, 1041)
• Restatement to retained earnings - 1.9B
• No impairment on carrying value

CCAs underlying business unchanged Balance Sheet
Adjustments Only Earnings, free cash flow, debt
servicing capability and ability to pay dividends
not impacted
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Approx. 10 of COGS is US Dollar Costs

• US130 million raw material costs
• Sugar, PET resin, aluminium
• Australia, New Zealand, South Korea
• Current hedging position
• 2004 priced and hedged for currency and
  commodities
• 2005 some pricing and hedging in place
• Gross currency benefit
• 2003 approx. 20 million
• 2004 - incremental approx. 10 million

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Coca-Cola Amatil Half Year Results 3rd August
2004 A leading beverage for every occasion