2011 Full Year Result 22 February 2012 1 2011 Full Year Result - PDF document

2011 Full Year Result 22 February 2012 1 2011 Full Year Result Terry Davis Group Managing Director 2

Highlights of 2011 Result 1. Fifth consecutive year of strong growth from Indonesia & PNG – significant investments made in manufacturing capacity, capability and cold drink coolers has positioned the business well for future growth 2. Successful execution of Project Zero capital investment programs which continued to deliver operational efficiencies and enhanced customer servicing capability 3. New 10 year Beam Global agreement which provides a key platform for CCA’s longer term growth in alcohol 4. $170.3 million in after tax profit from the agreement to sell Pacific Beverages to SABMiller 5. Strong balance sheet enabling refinancing of all debt out to April 2014 at attractive credit margins, materially reducing funding costs 6. Strong free cash flow generation which has supported the 8.2% increase in full year dividends and an increase in the dividend payout ratio to 74.9% 3 A 10 year track record of EPS and DPS growth Dividends per share (cents per share) Earnings per share (cents per share) 1. Before significant items 4

CCA shareholder value creation since 2001 CCA  288% Jan01-Dec11 S&P/ASX100  103% 5 2011 Full Year Result Warwick White Managing Director Australasia 6

Australia Solid result with EBIT up 2.4% and margins up 0.1 pts to 21.1%. Volumes impacted by weak consumer spending, natural disasters in H1 and wet summer weather in H2 FY11 FY10 Change $Am Trading revenue 2,880.7 2,819.1 2.2% Revenue per unit case $8.52 $8.21 3.8% Volume (million unit cases) 338.3 343.2 (1.4%) EBIT 607.2 592.7 2.4% EBIT margin 21.1% 21.0% 0.1 pts 7 Australia  H1 earnings impacted by lower volumes due to QLD floods and cyclone Yasi  H2 affected by constrained consumer spending, prolonged discounting by the major competitor and cool, wet weather in NSW in the lead up to Christmas  Weakening global economy, unemployment concerns, impact of the higher Australian dollar on tourism numbers all impacted consumer demand and limited beverage category growth  Continued to drive increased brand availability and improved immediate consumption share with additional cold drink cooler placements  Successful execution Project Zero programme continued to deliver efficiency gains 8

Product & pack innovation underpins strong market position GV Quencher Powerade Fuel+ Mt Franklin Powerade 600ML GV Milk Glaceau Super Light-weight “Silver Charge” Mother fuel cap “Strong Coffee” “Low Cal” “Easy-Crush bottle” 9 Investment & innovation in cold drink coolers continues to differentiate CCA from its competitors  Developed the most energy efficient cooler in the global Coca-Cola System with the standard 2-door cooler now using over 50% less energy than 3 years ago Fountain Low height vender LED display cooler C-C Global System Greenest Cooler 10

Next Generation equipment provides customers with greater choice in ice cold and frozen beverages Frozen Coke Super Cold Coolers Ice Up 11 Power of the portfolio and customer servicing expertise driving licensed channel growth No 1 NARTD portfolio Leading spirits portfolio Increased capability and broader product Jim Beam remains the # 1 Spirit/ARTD brand   portfolio is driving NARTD customer growth in the Australia Supported by significant investment in cold Canadian Club reached 1m standard cases in   drink equipment and dispensing innovation 2011 “Mother” on tap a world first Potential acquisition of FGL spirits brands in   2012 Capability – on-premise activation, Expect to be back in beer from innovation and customer service early 2014 Customer relationship forums – tailoring   Sales expertise and distribution capability products and & equipment to customer maintained post the sale of Pacific needs Beverages Industry leading response time for  equipment service In-venue technology solutions  12

PET bottle self-manufacture ahead of target  Currently 40% self-sufficient in the self-manufacture of PET bottles with 2 lines installed in NSW, 2 in South Australia and 1 in Victoria  2012 – 5 blowfill lines to be deployed which will increase self-sufficiency to over 70% by Dec12  Blowfill lines continue to meet our expectations in terms of operating and financial performance 13 New Zealand & Fiji New Zealand local currency EBIT up ~3%, a very solid outcome given the soft consumer spending environment which has persisted for 2 years FY11 FY10 Change $Am Trading revenue 415.8 420.1 (1.0%) Revenue per unit case $6.46 $6.39 1.1% Volume (million unit cases) 64.4 65.7 (2.0%) EBIT 79.5 81.4 (2.3%) EBIT margin 19.1% 19.4% (0.3) pts 14

New Zealand & Fiji New Zealand  Local currency EBIT up ~3% - while the Rugby World Cup boosted volumes during Sep/Oct, it was not enough to overcome the impact from the Christchurch earthquakes and the record rainfall which affected large parts of the North Island in the lead up to Christmas  Maintained strong market share position and fully recovered COGS increases  First blowfill line commissioned in Auckland delivering efficiency gains in line with expectations with additional Auckland line and Christchurch line to be commissioned during H1 2012 Fiji  Recorded a small decline in local currency earnings as the business faced challenging trading conditions which included a significant decline in tourism and the imposition of an increase in the VAT from 12.5% to 15% 15 2011 Full Year Result Warwick White Managing Director Australasia 16 16

2011 Full Year Result Terry Davis Group Managing Director 17 17 Indonesia & PNG Local currency EBIT growth >20% driven by strong volume growth, increased sales and manufacturing footprint and Project Zero efficiency gains FY11 FY10 Change $Am Trading revenue 845.5 789.1 7.1% Revenue per unit case $5.57 $5.56 0.2% Volume (million unit cases) 151.7 141.9 6.9% EBIT 88.1 75.0 17.5% EBIT margin 10.4% 9.5% 0.9 pts 18

Indonesia & PNG Indonesia  Local currency EBIT up >20% driven by strong H2 trading and efficiency benefits from the significant manufacturing and distribution investments made to reduce the cost of doing business over the past few years  OWPs volumes up 15% supported by the acceleration of cold drink cooler placements and improved in-market execution  Volumes in modern food stores grew ~15% with an increase in market share to 40%  Minute Maid Pulpy Juice volumes up ~25% and Brand Coca-Cola, Sprite and Fanta in OWP up ~15%  Placed >25,000 cold drink cooler doors and increased PET bottle production capacity by 24% PNG  Strong local currency earnings growth with brand Coca-Cola volumes growing by 15% 19 Alcohol, Food & Services Solid results from the Services division and the first time inclusion of the earnings stream from the Beam portfolio more than offset by an earnings decline from SPCA FY11 FY10 Change $Am Trading revenue 659.2 462.0 42.7% EBIT 1 93.2 94.3 (1.2%) 20

Alcohol, Food & Services Alcohol  First time inclusion of alcohol revenue and earnings under the revised 10 year Beam sales and distribution agreement SPC Ardmona  Solid results from snacking was offset by lower revenues and earnings from multi- serve packaged fruit as the business continued to exit a number of unprofitable export, private label and international activities  The stronger Australian dollar materially impacted SPCA’s competitiveness against cheap imported brands and imported private label categories in the domestic market Services  Improved earnings from refrigeration and equipment management services, higher demand for refrigeration servicing contracts and lower operating costs as a result of efficiency gains 21 Sale of Pacific Beverages Sale of Pacific Beverages  $170.3 million in after tax profit from the agreement to sell Pacific Beverages to SABMiller  As part of the agreement, CCA has the right to acquire one or all of the following at multiples ranging from 5 to 10 times EBITDA – Foster’s Group Australian spirit and spirit RTD business; – Australian non-alcoholic beverages business; and – Fijian Brewery and Fijian liquor and Fijian non-alcoholic beverage business. Update on potential acquisitions  Expect any acquisition to be complete by mid 2012  Potential acquisition cost – outlay of up to $200 million 22

2011 Full Year Result Nessa O’Sullivan Group Chief Financial Officer 23 23 2011 Financial Scorecard Key Objectives FY11 v FY10 19.0% NPAT growth (reported)  1. Mid to high single-digit growth in earnings  5.0% NPAT growth (before significant items)  At 17.1%, ROIC is well above 2. Maintain strong ROIC WACC  COGS recovery across all regions except Indo & PNG 3. Recovery of COGS and other cost increases NARTD beverage margins up  0.1% to 18.7%  Net debt held at ~$1.74bn 4. Strong balance sheet & cash management Interest cover  0.5 pts to 6.8x  Payout ratio increased from  5. Dividend payout ratio over 70% 1 to 74.9% 72.3% 1 1. before significant items 24