HALF YEAR RESULT. 23 August Alison Watkins Group Managing Director. Martyn Roberts Group Chief Financial Officer
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1 2017 HALF YEAR RESULT 23 August 2017 Alison Watkins Group Managing Director Martyn Roberts Group Chief Financial Officer David Akers Group Head of Investor Relations
2 DISCLAIMER Coca-Cola Amatil advises that these presentation slides and any related materials and cross referenced information, contain forward looking statements which may be subject to significant uncertainties outside of Coca-Cola Amatil s control. No representation is made as to the accuracy or reliability of forward looking statements or the assumptions on which they are based. Actual future events may vary from these forward looking statements and you are cautioned not to place reliance on any forward looking statement. 2
3 AGENDA Result Overview Shareholder Value Proposition Additional Developments Business Performance Financials Alison Watkins Alison Watkins Alison Watkins Martyn Roberts Martyn Roberts 2017 Outlook Alison Watkins Financial Targets Alison Watkins Questions and Answers 3
4 GROUP PERFORMANCE Alison Watkins Group Managing Director
5 2017 HALF YEAR RESULT OVERVIEW Strong earnings performances in New Zealand & Fiji, Indonesia & Papua New Guinea and Alcohol & Coffee A challenging start to the year for Australian Beverages as identified in our 21 April trading update with performance improving since Easter Underlying 1 before interest and tax (EBIT) of $312.7 million and underlying net profit after tax (NPAT) of $190.1 million representing declines of 4.3 per cent and 4.1 per cent respectively Significant progress on share buyback program with 26.7 million shares bought back for total consideration of $247.8 million 2 ; $102.2 million of funds still available to utilise post release of HY17 results As a result of the reduced number of shares on issue, underlying earnings per share (EPS) decline contained to 3.5 per cent Previously identified non-trading items relating to cost optimisation projects in Australian Beverages of $71.4 million (before tax) or $50.0 million (after tax) Statutory EBIT of $241.3 million and statutory NPAT of $140.1 million Increase in net debt of $274.0 million to $1,266.8 million from FY16 due primarily to the share buyback program Interim dividend declared of 21.0 cents per share (1H16: 21.0 cents per share), franked to 70 per cent, representing an underlying payout ratio of 81.4 per cent for the period. It is anticipated that franking will continue to be at a lower level than prior years 1. Underlying refers to statutory results adjusted to exclude non-trading items. 2. To 23 August
6 SHAREHOLDER VALUE PROPOSITION We are focused on generating attractive sustainable returns for shareholders Investment case EBIT drivers EPS drivers Targeting shareholder value creation Coca-Cola franchisee with leading brands Revenue growth plans and continuous cost focus across the group Modest capex for developed markets Mid single-digit EPS growth Route-to-market with scale and reach Large-scale, modern, low-cost infrastructure Steady cash flow from core Australia and New Zealand franchises Growth opportunities including Indonesia and Alcohol & Coffee providing upside Targeting low single-digit EBIT growth Targeting double-digit EBIT growth Targeting double-digit EBIT growth + + Core developed market franchises (Australia and New Zealand) Developing markets (Indonesia, Papua New Guinea and Fiji) Alcohol & Coffee and SPC + Growth capex for Indonesia funded via TCCC equity injection + Continuous working capital management + Bolt-on acquisitions Capital management initiatives Attractive dividends: above 80% payout ratio Strong balance sheet Strong return on capital employed 6
7 SHAREHOLDER VALUE PROPOSITION Strong performance against many of the elements of our shareholder value proposition, partially offsetting a challenging start to the year for Australian Beverages EBIT drivers EPS drivers Targeting shareholder value creation Revenue growth plans and continuous cost focus across the group Modest capex for developed markets FY15 FY16 HY17 Mid singledigit EPS growth FY15 FY16 HY17 + Targeting low single-digit EBIT growth Targeting double-digit EBIT growth Targeting double-digit EBIT growth + + Australia New Zealand Indonesia Papua New Guinea Fiji Alcohol & Coffee SPC FY15 FY15 FY15 FY16 FY16 FY16 HY17 HY17 HY17 Growth capex for Indonesia funded via TCCC equity injection Continuous working capital management Bolt-on acquisitions Capital management initiatives + + FY15 FY16 HY17 FY15 FY16 HY17 FY15 FY16 HY17 Attractive dividends: above 80% payout ratio Strong balance sheet Strong ROCE FY15 FY16 FY15 FY16 HY17 HY17 7
8 ADDITIONAL DEVELOPMENTS RICHLANDS SALE & LEASEBACK NSW CONTAINER DEPOSIT SCHEME LEADERSHIP CHANGES Entered into agreements for the sale and leaseback of the Richlands manufacturing and warehousing facility in Queensland Proceeds of ~$156 million will result in a one-off gain of ~$100 million before tax in 2H17 Expected that this will be substantially realised as profit after tax due to the utilisation of capital losses Sale due to settle on 1 December 2017 One-off gain in the second half to offset one-off costs from Australian Beverages cost optimisation initiatives for the year, treated as non-trading items Significant progress on NSW container deposit scheme Coca-Cola Amatil is a partner in Exchange for Change, an industry joint venture, which has been appointed as Scheme Coordinator The Scheme Coordinator has published the fees it expects to charge suppliers in the first three months of the scheme The Scheme Coordinator will charge all suppliers based on its estimate of the supplier s proportionate share of eligible containers by material type The fees will be adjusted for the actual costs of the CDS over time Board Renewal Appointment of Ilana Atlas as Chairman Appointment of Paul O Sullivan as a Non-Executive Director Group Leadership Team Search progressing for appointment of Australian Beverages Managing Director expect to make an announcement in the coming months Augmented the Group Leadership Team with the appointment of Chris Sullivan as Group Director, Partners and Growth 8
9 BUSINESS PERFORMANCE Martyn Roberts Group Chief Financial Officer
10 SEGMENT UNDERLYING EBIT SUMMARY Underlying EBIT $million HY17 1 HY16 1 Change % % of Group EBIT Australian Beverages (13.2) 58% New Zealand & Fiji % Indonesia & Papua New Guinea % Alcohol & Coffee % Corporate, Food & Services (25.2) 4% Total (4.3) 1. Segment adjusted for Property Division. 10
11 AUSTRALIAN BEVERAGES Challenging start to the year as identified in our 21 April trading update, with improving performance since Easter $ million HY17 HY16 Change % Trading revenue 1, ,300.6 (5.1) Revenue per unit case ($) $8.30 $8.41 (1.3) Volume (Million unit cases) (3.9) Underlying EBIT (13.2) Underlying EBIT margin 14.8% 16.2% (1.4) pts Return on capital employed 37.3% 38.6% (1.3) pts 2017 priority: rebalancing the portfolio, focussing on Sparkling Beverages and accelerating Still Beverages, reconfiguring our route-to-market model and remodelling our supply chain COMMENTARY Performance to April was adversely impacted by competitive pressure in the cola and water categories and channel mix away from operational accounts, combined with higher cost of goods sold While these challenges remain, there are some encouraging signs with improving performance since Easter as our initiatives gain traction Overall for the half, revenue decline of 5.1% and volume decline of 3.9% Trading revenue per unit case was 1.3% lower, reflecting price competitiveness in the water category, which impacted the overall EBIT margin Savings from cost optimisation program reinvested in rebalancing of the portfolio through innovation, refocussing our sales effort and price investment Continued strong return on capital employed 11
12 AUSTRALIAN BEVERAGES Volumes impacted by competitive price pressure and subdued consumer spending Volume Composition By Category (million unit cases) Sparkling Beverages Frozen HY17 HY16 Change (3.8)% 14.4% Still (8.5)% Total (3.9)% CATEGORY In the period to Easter, competitive pricing in Sparkling Beverages resulted in volume decline, and significant growth in private label water resulted in branded water volume decline Since Easter, pricing pressure in Sparkling Beverages has eased compared to the comparative period, and we have invested in price for branded water resulting in volume growth Positive performance in the energy and dairy categories, reflecting the continued strong performance following Monster Energy coming into the portfolio and expansion in the dairy portfolio CHANNEL Revenue and volume declines across all channels, particularly state operational accounts Increased proportion of revenue and volume from the grocery channel New business wins in the first half of higher value customers in state operational accounts, including HORECA (hotels, restaurants and cafés) 12
13 NEW ZEALAND & FIJI Another solid performance with continued EBIT growth $ million HY17 HY16 Change % Change constant currency % Trading revenue (0.2) Revenue per unit case ($) $7.93 $ Volume (Million unit cases) (2.1) (2.1) EBIT EBIT margin 17.5% 16.9% 0.6 pts 0.6 pts Return on capital employed 27.1% 27.2% (0.1) pts (0.1) pts 2017 priority: targeting further growth, focussing on sales execution and category leadership with stronger manufacturing and distribution capabilities NEW ZEALAND New Zealand achieved revenue growth with a strong performance in Sparkling Beverages and improvement in revenue per unit case, on consistent volumes Also delivered strong performances in energy and juice categories, offsetting some challenges in sports and water Growth in grocery, convenience & leisure and quick service restaurant channels FIJI Revenue and volume decline reflecting the cycling of a very strong 1H16 from favourable economic conditions post Cyclone Winston Double digit EBIT growth delivered through improved revenue per unit case resulting from consumer shift to more profitable pack sizes 13
14 INDONESIA & PAPUA NEW GUINEA Another significant contribution with continued EBIT improvements in Indonesia and Papua New Guinea $ million HY17 HY16 Change % Change Constant Currency % Trading revenue (2.8) (0.6) Revenue per unit case ($) $4.48 $4.52 (0.9) 1.3 Volume (Million unit cases) (1.8) (1.8) EBIT EBIT margin 9.6% 6.8% 2.8 pts 2.8 pts the 2017 priority: grow the Sparkling Beverages category, increase share in Still Beverages and continue rolling out route-to-market model INDONESIA Strong EBIT performance despite soft economic conditions Discretionary consumer spending constrained by a number of economic factors Substantial progress on our business transformation driving strong EBIT performance Efficiency gains in manufacturing and route-tomarket while continuing to invest in developing capabilities in the business Progress in winning share in Sparkling Beverages and tea Continuing to invest in manufacturing facilities, cold drink equipment and the rollout of our routeto-market model across Java, Bali and Sumatra PAPUA NEW GUINEA Double digit EBIT growth delivered with slightly more favourable economic conditions prior to the national election 14
15 ALCOHOL & COFFEE Another strong performance, with double digit EBIT growth continuing $ million HY17 HY16 Change % Change constant currency % Trading revenue EBIT EBIT margin 8.7% 8.3% 0.4 pts 0.4 pts 2017 priority: continue strong momentum in developing portfolio across alcohol with our brand partners and coffee through our Grinders brand ALCOHOL Alcohol achieved revenue, volume and EBIT growth Solid performance in the Spirits & Premix segment with Canadian Club and full bottle spirits growing above market growth Significant increase in beer volumes with the addition of Molson Coors International s Miller Genuine Draft and Miller Chill brands in Australia COFFEE Revenue and volume growth, while the business also invested in capability development 15
16 CORPORATE, FOOD & SERVICES Improved EBIT from SPC. Property Division now included in segment $ million HY17 HY16 Change % Trading revenue (14.5) EBIT (25.2) SPC Encouraging signs in tomato products Pressure in beans, spaghetti and spreads Slight EBIT improvement from prior year due to reduced depreciation SERVICES Smaller contribution from the services division due to the sale of Quirks and lower services requirement to Australian Beverages for the half 2017 priority: continue transformation of SPC into a profitable modern food business PROPERTY As foreshadowed in February and June, a Property Division has been created within this segment Key property assets from Australian Beverages and New Zealand have been moved into this segment, with income derived from charging rent based on market rates Division responsible for taking a Group-wide approach to managing the ownership and lease arrangements for all facilities 16
17 FINANCIALS Martyn Roberts Group Chief Financial Officer
18 INCOME STATEMENT Underlying NPAT down 4.1 per cent reflecting a challenging start to the year for Australian Beverages $ million HY17 HY16 Change % Underlying EBIT (4.3) Net finance costs (32.2) (35.8) (10.1) Taxation expense (before non-trading items) (81.9) (87.0) (5.9) Non-controlling interests (8.5) (5.9) 44.1 COMMENTARY Strong EBIT growth in Indonesia & Papua New Guinea, Alcohol & Coffee, New Zealand & Fiji Lower net finance costs resulting from lower interest rates in Australia Effective tax rate (underlying) of 29.2 per cent reflecting a higher mix of earnings towards overseas businesses where tax rates are lower Strong performance in Indonesia resulting in increased noncontrolling interests NPAT before non-trading items attributable to Coca-Cola Amatil shareholders (4.1) Non-trading items after income tax of $50.0 million resulting from cost optimisation programs in Australian Beverages which will be offset by oneoff gains in 2H17 Non-trading items after income tax (50.0) - - NPAT attributable to Coca-Cola Amatil shareholders (29.3) 18
19 CAPITAL EMPLOYED Strong return on capital employed at 20.1 per cent $ million HY17 HY16 Variance $M Working capital (57.2) Property, plant and equipment (PPE) 1, ,027.0 (205.6) Intangible assets 1, ,272.8 (65.9) Current and deferred tax liabilities (288.6) (345.9) 57.3 Net non-debt derivatives (liabilities) / assets (24.6) 15.8 (40.4) Other net assets / (liabilities) 9.7 (25.7) 35.4 Capital employed 3, ,460.2 (276.4) Return on capital employed (ROCE) 20.1% 19.3% 0.8 pts COMMENTARY Capital employed was reduced by the non-cash impairment of SPC in 2H16 Reduction in capital employed of $276.4 million resulted from: Working capital decreasing primarily due to SPC inventory impairment in 2H16 PPE decreasing due to SPC impairment in 2H16 and transfer of Richlands to assets held for sale (other net assets) Current and deferred tax liabilities decreasing due to deferred tax impact arising from SPC impairment in 2H16, Australian Beverages restructuring in 1H17 and unrealised losses on non-debt derivatives Other net assets: transfer of Richlands to assets held for sale Net non-debt derivative assets decreasing due to losses arising from lower sugar prices relative to the hedged price 19
20 CAPITAL EXPENDITURE Capital expenditure of $91.0 million, lower than 1H16 due to lower spend in Indonesia and New Zealand Capex ($ million) and Capex / Depreciation and amortisation (x times) ~365 FY13 FY14 FY15 FY16 HY17 Indonesia & PNG Corporate, Food & Services Alcohol & Coffee Total 296 New Zealand & Fiji Australian Beverages 2H17 Capex / D&A (0.50) (1.00) (1.50) COMMENTARY Capital expenditure for 2017 will be weighted to the second half due to the progress and timing of several projects in Australia, New Zealand and Indonesia Australian Beverages: includes spend on technology to support sales and customer service programs and further automation of support services New Zealand & Fiji: minimal capex in 1H17 following the completion of the Auckland sports and juice manufacturing facility in 2016; initial spend on approved projects which will be progressed in 2H17 Indonesia & PNG: increased production efficiencies resulting in lower capex spend requirement in Indonesia in 1H17; however, significant progress on ASSP line, new Sparkling Beverages line at Medan and on preform facility; significant progress on a new can line project in Papua New Guinea Corporate, Food and Services includes spend on Richlands warehouse automation project to be completed in 2H17 20
21 FREE CASH FLOW Cash realisation rate at 78.2 per cent $ million HY17 HY16 Change % EBIT (26.2) Depreciation and amortisation Impairments non-cash nm Change in adjusted working capital (12.3) 18.1 (168.0) Net interest paid (32.9) (31.1) 5.8 Taxation paid (97.5) (84.8) 15.0 Movements in other items (23.5) (33.0) (28.8) Operating cash flow (30.9) Capital expenditure (91.0) (127.5) (28.6) COMMENTARY Free cash flow was $139.7 million, a decrease of $66.5 million from 1H16 In the comparative period, working capital and interest benefitted from timing which resulted in an exceptional cash realisation result Tax paid was higher due to the timing of tax instalments paid in 1H16 compared to 1H17 Capital spend decreased by $36.5 million due to lower spend in Indonesia and higher spend in 2016 in New Zealand for the Auckland sports and juice manufacturing facility Proceeds from sale of non-current assets (20.0) Free cash flow (32.3) Cash realisation % 98.1% (19.9) pts 1. Operating cash flows divided NPAT (adding back depreciation and amortisation expenses before tax) 21
22 NET DEBT AND INTEREST COVER Strong balance sheet with net debt at $1.3 billion and underlying EBIT interest cover of 9.7 times Net debt ($ million) and Underlying EBIT interest cover (x times) 2,000 1,800 1,600 1,400 1,200 1, , ,146 1, , COMMENTARY Net debt increased by $274.0 million to $1,266.8 million from FY16 primarily due to share buyback program Total available debt facilities at the end of the half was $2.43 billion with average maturity of 5.3 years Substantial proportion of cash assets held for specific purposes Net debt to underlying EBIT interest cover has increased to 9.7 times H15 FY15 1H16 FY16 1H Net debt Underlying EBIT interest cover 22
23 2017 OUTLOOK Alison Watkins Group Managing Director
24 OUR PLANS REFLECT THREE STRATEGIC THEMES LEAD EXECUTE PARTNER Strengthening category leadership position Leading brands in each major NARTD category in each market Up-weighted levels of innovative marketing to continually strengthen brand equity Evolving portfolio that adapts to changing consumer preferences Step change in productivity and in-market execution World-class customer servicing capability Route to market that provides customer diversification and real competitive advantage Effective leverage of our large-scale, low-cost manufacturing, sales and distribution capability Better alignment with The Coca- Cola Company and our other partners Shared vision of success and aligned objectives Joint plans for growing system profitability Balanced share of risk and rewards 24
25 AUSTRALIAN BEVERAGES We continue to implement initiatives to stabilise earnings, drive cost optimisation to support portfolio rebalancing and return to growth Strategic Themes Stabilise earnings Cost optimisation to support continued rebalancing Return to growth Shareholder Value Proposition Lead Rebalancing the portfolio Focus on Sparkling Beverages Accelerate Still Beverages Refreshed and strengthened category growth plan Significant pipeline of additional new product development and activity in 2017 Execute Revenue growth management Route-to-market Cost optimisation $100M delivered Leveraging our route-to-market approach and driving strong customer engagement Identified at least a further $100M of cost optimisation opportunities and a further ~$20M cost savings from 2020 Minimising the impact of container deposit schemes Targeting low single digit EBIT growth Partner Better alignment with The Coca-Cola Company Monster Energy agreement Incidence pricing commenced on 1 July Embracing the Total Beverages Company strategy 25
26 LEAD Significant launches already in 2017 with Coca-Cola No Sugar and Keri Juice Blenders with more activity and additional new product development in the pipeline for 2H17 INNOVATING IN SPARKLING BEVERAGES Coca-Cola No Sugar ~28% of Sparkling Beverage consumers in Australia have consumed a Coca-Cola No Sugar ~39% have consumed a Coca-Cola No Sugar more than once Already achieved penetration in state immediate consumption and HORECA of ~68% Additional Sparkling Beverage products in 2H17 Launch of additional rotational flavours to attract lapsed consumers and new consumers Launched 9 June Packaging innovation in 2H17 Innovative packaging targeting special occasions Opportunities targeting the HORECA channel EXPANDING PORTFOLIO IN STILL BEVERAGES Keri Juice Blenders Launched on 30 June and already above target penetration in state immediate consumption and HORECA at ~27% Volume per outlet already exceeding previous juice offering High re-order rate Commenced supplying to major national chain customers Additional Still Beverage products in 2H17 Launch of additional new product development in several Still Beverages categories in 2H17 including juice, water and energy Launched 30 June 26
27 LEAD Priority objectives utilising our leading multi-segment water portfolio LEADING MULTI-SEGMENT WATER PORTFOLIO PRIORITIES BULK VALUE MAINSTREAM 1 Targeted price investment in value and mainstream water in grocery to increase competitiveness ENHANCED / PREMIUM 2 Targeted growth of water distribution in state operational accounts, including HORECA ENHANCED WATER Still Water Grocery penetration: ~100% State operational accounts penetration: ~76% HORECA penetration: ~42% Mount Franklin Lightly Sparkling Grocery penetration: ~100% State operational accounts penetration: ~39% HORECA penetration: ~26% Enhanced water segment represents ~60% of packaged water category revenue growth and ~11% of volume growth (year to date) 1 ~35% of packaged water category revenue and ~16% of volume (year to date) 1 1. Category value and volume of packaged water in grocery to 6 August. 3 Additional new products in enhanced and premium water brands in 2H17 27
28 EXECUTE Leveraging our route-to-market advantage and driving strong customer engagement LEVERAGING OUR ROUTE-TO-MARKET Expanding customer base By the end of 1H17, increased high value customers by ~10% Targeted approach to HORECA channel Dedicated sales team for HORECA channel By the end of 1H17, increased high value customers by ~30% Online ordering and expansion Online ordering at ~50% of orders Exploring additional e-commence opportunities STRONG CUSTOMER ENGAGEMENT In Grocery we have worked closely with our customers to become #1 supplier Recipient of several recent industry awards Supplier of the Year Romeo s, Cornetts Supermarkets, Ritchies, AACS, 7-Eleven Grocery Supplier of the year Spar Trade partner of the Year UCB Best new product launch 7-Eleven (Powerade Silvercharge) Promotional support of the year Campbells 28
29 EXECUTE Continued focus on cost optimisation and reinvestment to rebalance our portfolio and remodel our supply chain Cost optimisation targets Initiatives Reinvestment Capex At least a further $100 million To be delivered over the three years to 2019 Remodel supply chain Richlands warehouse automation project Business Excellence program Outsource merchandising and sales force restructure Procurement optimisation Support services optimisation Good progress on delivering in 1H17 Salesforce of the future Rebalancing of the portfolio through innovation ~$80 million (Richlands warehouse automation project) Spend predominantly in 2H17 and 1H18 A further $20 million per annum To be delivered from 2020 Remodel supply chain Closure of South Australian manufacturing facilities Other manufacturing activities to move to Kewdale (WA), Moorabbin (Vic) and Northmead (NSW) New glass production line at Richlands Expand dairy and juice capacity at Richlands Additional marketing Price investment ~$90 million (spend predominantly in 2018) Richlands: new glass production line, additional juice and dairy capacity One-off costs One-off gains ~$25 million of restructuring costs recognised in 1H17 ~$25 million expected to be recognised in 2H17 One-off costs to be offset by one-off gain from sale of Richlands ~$100 million before tax to be recognised in 2H17 following settlement of sale (1-Dec) Expected that this will be substantially realised as profit after tax due to the utilisation of capital losses ~$40 million restructuring costs recognised in 1H17 ~$5 million expected to be recognised in 2H17 ~$5 million expected to be recognised following closure of Thebarton One-off costs to be offset by profit from sale of Thebarton and surplus profit from Richlands sale 29
30 PARTNER Continuing to improve alignment with The Coca-Cola Company and embracing the Total Beverages Company strategy SUCCESSFUL IMPLEMENTATION OF INCIDENCE PRICING Overview Successful implementation of incidence pricing in Australia on 1 July 2017 More aligned pricing model that links the concentrate price per unit to revenue Key benefits Greater alignment resulting in greater focus on the market and consumers Joint focus on growing transactions and value Faster day-to-day decision making Simplification of funding arrangements and greater certainty with promotional plans THE COCA-COLA COMPANY S TOTAL BEVERAGES COMPANY STRATEGY Total Beverages Company strategy In early 2017, The Coca-Cola Company unveiled its Total Beverages Company strategy Consumer-centric approach Category-cluster beverage segmentation Importance of growing beyond the flagship brand Coca-Cola Amatil Embracing Total Beverages Company strategy in the markets in which we operate 30
31 INDONESIA Since 2014, we have made solid progress across all our strategic priorities and are accelerating to transform the business Focus how we ve changed our strategy since 2014 Strategic priorities Supported by a number of enablers Shareholder Value Proposition 2013 Niche 1. Improve product availability Investing in capacity to sustain growth 2014 onwards Indonesian population Mass market 2. Increase affordability 3. Build brand strength Driving effective and efficient route to market execution Driving cost competitiveness Targeting double digit EBIT growth Indonesian population 4. Build channel relevance A more agile and responsive system 31
32 INDONESIA We are highly leveraged to significant profit improvements when the market returns to growth MACROECONOMIC FACTORS CURRENTLY CHALLENGING OPERATIONAL LEVERAGE OPPORTUNITY WHEN GROWTH RETURNS Gross domestic product Personal consumption expenditures Revenue Growth Capability Investment and DME 2. Cost Leverage and Efficiencies Inflation Currency: Indonesian Rupiah to US dollar Cost savings Source: Information Handling Sources Economic Returns ROCE above WACC by 2020 EBIT margin of 10% by 2023 Cost growth to be less than inflation 32
33 FINANCIAL TARGETS Alison Watkins Group Managing Director
34 FINANCIAL TARGETS UNDERLYING NPAT & EPS CAPITAL EXPENDITURE DIVIDEND OUTLOOK BALANCE SHEET Expecting FY17 underlying NPAT to be broadly in line with FY16 Medium term target continues to be mid single-digit EPS growth This will depend on the success of revenue initiatives in Australia, Indonesian economic factors and regulatory conditions in each of our markets We do acknowledge that the rollout of container deposit schemes in Australia will challenge us over the next couple of years given the inherent uncertainty of their impact across the industry 2017 Group capex expected to be around $365M 2018 Group capex expected to be at a similar level to 2017 This reflects initiatives to rebalance Australian Beverages portfolio and remodel its supply chain and continued investment in Indonesia Continue to target medium term dividend payout ratio of over 80% It is anticipated that franking will continue to be at a lower level than prior years Balance Sheet to remain conservative with flexibility to fund future growth opportunities Expecting to maintain strong return on capital employed We will also continue to explore opportunities to extract value from our property portfolio. 34
35 QUESTIONS & ANSWERS
36 APPENDIX
37 AUSTRALIAN BEVERAGES COST OPTIMISATION & REINVESTMENT Indicative timeline of cost optimisation and reinvestment programs Targets st $100M Announced Oct14 $100 million delivered ahead of schedule 2 nd $100M Announced Oct16 At least a further $100 million cost optimisation ~$20M Announced Feb17 ~$20 million cost optimisation 37
38 NEW ZEALAND Since 2014, we have delivered on our strategy of volume based growth Price and cost out led results Growth plans based predominantly on volume growth Shareholder Value Proposition Recession & Earthquake Recovery Phase Build for growth Targeting low single digit EBIT growth Volume Net Sales Revenue 38
39 ALCOHOL & COFFEE Since 2014, we have developed a larger and stronger portfolio with our brand partners across alcohol and coffee categories Spirits & RTDs Paradise Beverages Beer, Cider & Bitters Coffee Shareholder Value Proposition Targeting double digit EBIT growth 39
40 SPC Since 2014, we have made significant progress on our investment plans, and remain committed to securing SPC s long term future Update Innovative products Good progress modernising manufacturing capabilities and improving operational performance Good progress bringing new innovative products to market, such as ProVital, Perfect Fruit and several snacking-fruit products Further opportunities to expand the range of products and expand into new markets Continue transformation into a profitable modern food business 40
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