CCI closed out a solid 2021, delivering results ahead of our guidance. Every country in the CCI portfolio positively contributed to growth in 2021. The underlying fundamentals of our business are strong. However, short-term headwinds continue to weigh. We remain cautiously optimistic for the year ahea.
New variants of Covid-19 create uncertainties regarding the operating environment, while macroeconomic volatilities and supply chain challenges pressure margins. As we strive to create value for our shareholders, we will continue driving growth with excellent execution, effective revenue growth management, a frugal expense mindset, and a tight fiscal policy. Our company's expectations for 2022 are as follows (on a reported basis unless specified otherwise):
Sales Volume:
High single-digit to low-teens volume growth; mid-single-digit growth on a proforma basis (100% consolidation of CCBU for FY2021 and FY2022)
- Flattish in Turkey
- High teens growth in the international segment; high single-digit growth on a proforma basis
Net Sales Revenue:
Low to mid 40s percentage FX-neutral NSR growth
EBITDA Margin:
Flat to 100 bps contraction compared to 2021, including Uzbekistan's dilution impact and commodity price pressures
Capex/Sales:
8-10% of consolidated net sales revenue
Net Working Capital and Free Cash Flow:
Low single-digit Net Working Capital/Net Sales Revenues
Absolute growth in Free Cash Flow vs. 2021 despite higher capex spending
