FINANCIAL PERFORMANCE

Net sales revenue ("NSR") grew by 52.4% and reached TRY 21,929.5 million in FY21 driven by improving product and channel mix, timely price increases, and other Revenue Growth Management ("RGM") initiatives.

On an organic basis, excluding Uzbekistan figures, NSR increased by 49.1% in FY21.

In Turkey, NSR grew by 41.0% in FY21 and reached TRY 8,727.6 million with per unit case NSR growth of 24.3% thanks to higher IC share, timely price adjustments, growth in the on-premise channel on the back of increased mobility, good weather conditions, and positive momentum in tourism.

Our international NSR was up by 61.5%, with 36.5% NSR/UC growth in FY21..

Organic NSR growth in international operations was 55.7% in FY21.

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Gross margin was realized at 35.2% in 2021. Despite ongoing commodity price pressures, we were able to generate a flattish gross margin thanks to timely price increases,hedges, and improvement in package mix.

In Turkey, the gross margin was realized at 36.3% in 2021.

In International operations, gross margin increased by 211 bps to 34.3% (organic increase 152 bps) on the back of strong sales performance with increased vaccination and better channel mix, and efficient discount management in FY21.

Operating expenses as a percentage of NSR decreased by 82 bps to 19.5%in FY21. In FY21, the EBIT margin was15.7%, with a 77bps improvement.

The EBITDA margin realized at21.3% (21.2% organically) in 2021, implying only 52 bps (organic 63bps) contraction compared to 2020.This is achieved by solid business momentum and smart price/package architecture, despite our region's more challenging than the expected inflationary environment. The EBITDA margin- excluding the effect of other income/(expense) was realized at 15.0% in Turkey and 23.9% in the international operations in FY21.

Net financial income was TRY 225 million in FY21 compared to TL(289) million in FY20. The higher net financial income in FY21 was achieved despite higher interest rates on local currency borrowings.

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Non-controlling interest (minorityinterest) was TL (149) million in 2021 compared to TL (82) million in 2020.

Free cash flow, increased by 9.5%and reached TL 2,154 million in 2021vs. TL 1,967 million in 2020. Besides solid profitability and prudent CapEx management, tight working capital management supported solid free cash fl ow generation. As apercentage of net sales revenue, net working capital was at 1.7% in FY21.

Consolidated debt was USD 703million by the end of 2021, compared to USD 839 million by 2020. Consolidated cash was USD 316 million by the end of 2021 vs. USD638 million as of year-end 2020. The all-cash acquisition of CCBU for a total of USD 342 million resulted in a decrease in cash balance despite solid free cash flow generation. Our consolidated net debt was USD 387 million with a Net debt to EBITDA ratio of 1.1x.

Net profit was TL 2,271 millionin FY21 with a growth of 84.3%compared to FY20.

CapEx was TL 1,306 million in 2021. 32% of the total capital expenditure was related to Turkey operation, while 68% was related to international operations. Capex over sales ratio was 6.0% in 2021 compared to 4.6% in 2020.

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As of December 31, 2021, 79% of our consolidated financial debt was in USD, 8% in EUR, 5% in TL, and their meaning 8% in other currencies.

The average duration of the consolidated debt portfolio was 2.3 years, and the maturity profile was as follows:

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Board of Directors Resolution Regarding The Acceptance of Financial Charts
Resolution Date: 02.21.2022
Resolution Number: 14

Declaration of Liability in Accordance With Part Two, Article 9 of The "Principles for Financial Reporting in The Capital Market Communique (II-14.1)" Issued by The Capital Market Board

February 21, 2022

We declare that;

a) We have reviewed the consolidated financial charts and associated footnotes for January 1 - December 31, 2021 accounting period pursuant to the relevant legislation, which were prepared in accordance with the “Principles for Financial Reporting in the Capital Market Communiqué (Il-14.l)” issued by the Capital Market Board (CMB) within the framework of Turkish Accounting Standards/Turkish Financial Reporting Standards (TAS/TFRS) and the formats determined by the CMB, independently audited, and approved by the Company Board of Directors and the Audit Committee,

b) To the best of our knowledge within our duties and responsibilities in the Company, the charts do not contain any inaccurate statements on important matters or deficiencies that may result in a misleading statement as of the date of such disclosure,

c) To the best of our knowledge within our duties and responsibilities in the Company, the financial charts prepared in accordance with the Capital Market Board’s Communiqué No. II-14.1 truthfully represent the actual state of Company assets, liabilities, financial condition and profit/loss, including those consolidated, and truthfully represent the financial state of the Company including any significant risks or uncertainties that it is subject to.

Kind regards,

Andriy Avramenko

CFO

İzzet Karaca

Audit Committee Chairperson

Tayfun Bayazıt

Audit Committee Member

Please copy and visit"https://integrated2021.cci.com.tr"address in one of the followingbrowsers.

FINANCIAL PERFORMANCE

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