1. ATLANTIC GRUPA FY11 Financial results (audited)
Performance in line with guidance alongside successful execution of integration processes
February 23th, 2012

2. CONTENT
KEY BUSINESS DEVELOPMENTS in 2011 and ANNOUNCEMENT of EVENTS in FY12
FINANCIAL RESULTS in 2011
FY12 GUIDANCE
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3. KEY BUSINESS DEVELOPMENTS in 2011
Guidance delivered despite challenging macroeconomic environment
Successful execution of integration of Droga Kolinska and Atlantic Grupa
Divestment of non-core assets: 13% share in RTL Hrvatska television channel
Bond refinancing: new corporate bond ATGR-O-169A
Regular fulfilment of all financial obligations
Surging prices of all key raw and packaging materials
PPA – Purchase Price Allocation for Droga Kolinska
Achievement of synergy effects

4. KEY INTEGRATION ACTIVITIES: Phase I
Sales and distribution
Setting up joined distribution on all regional markets: establishing independent distribution companies on each regional market that are consolidated in the Distribution division
Implemented new commercial terms on all regional markets
Sales force optimized
Logistics and investment
Setting up joined logistics operations and processes (the most complex one in Serbia with initial 11 distribution centres, reallocated to 4 new locations)
Logistics reorganisation in Croatia (in-house logistics as opposed to formerly outsourced logistics)
Consolidation of office space on all regional markets
Procurement and marketing
Implemented centralised procurement system
Developed purchasing category management concept with lead buyers for key raw materials
Implemented centralised marketing
HR challenges
Creating new and efficient business organisation
Retaining and motivating the most qualitative workforce
Co-life of different corporate cultures
Developing fair rewarding schemes
First phase of integration activities carried out in the 1H11

5. KEY INTEGRATION ACTIVITIES: Phase II
Consolidation of production facilities
Previously outsourced bottling of Cockta for Croatian and B&H market has been replaced with in-house bottling in Apatovec, Croatia
Transfer of coffee roasting for Croatian market from previously outsourced producer to own production plant in Izola, Slovenia
Currently, feasibility studies are being prepared for transfer of other production from outsourced producers to own production plants
Consolidation of information technology
Consolidation of business IT solutions on several regional markets based on the assessment of business systems for operational support within Droga Kolinska and Atlantic Grupa and selection of best practice
Redefining current IT contracts related to telecom services, licences and outsourced IT support
Real estate management
Real estate and financial assets portfolio management with the goal to sell all assets that are not in accordance with the company’s core business operations – e.g. sale of 13% ownership in Croatian broadcasting channel – RTL Hrvatska
Currently the company assesses sale of several real estate that are not in accordance with the company’s core business operations
Second phase of integration activities started in the 2H11

6. SUMMARY OF INTEGRATION ACTIVITIES and OTHER
46% of total synergy savings
EUR 5.9m net synergy savings
Investment management
Logistics
Distribution
CORE program
In November 2011, Atlantic Grupa launched cost reduction program – CORE program
The key goal is to optimize the company’s primarily external expenses in the period from 2011 to 2013
Emphasis is on the group of expenses that are encountered as result of purchase of goods and services from suppliers

7. NEW BUSINESS MODEL OF ATLANTIC GRUPA from 2012
SBU
COFFEE
Turkish,
Espresso,
Instant
SBU BEVERAGES
Vitamin instant drinks and teas
Carbonated soft drinks
Functional water and Water
SBU SPORTS AND FUNCTIONAL FOOD
Sports and functional food
SBU PHARMA AND PERSONAL CARE
VMS and OTC Pharmacy chain
Cosmetics and personal care
SBU SAVOURY SPREADS
Savoury spreads
Sandwiches of extended freshness
SBU
SNACKS
Sweet and salted snacks
SMU
Croatia
SMU
Slovenia, Serbia and Macedonia
SMU
HoReCa
Hotels, restaurants and cafes
SMU
International markets
All markets outside ex.-YU region and Russia MU
Russia
Baby food
All products sold in CIS region
Reorganization in 2012 with an aim to manage business segments and distribution markets more efficiently
Operational business also includes Central procurement, Central marketing and Corporative quality management functions

8. ATLANTIC GRUPA ON CROATIAN CAPITAL MARKET in 2011
Ownership structure on 30/12/2011
From the end of March, ATGR-R-A has been included in domestic blue-chip index Crobex10
On 20 September 2011, Atlantic Grupa issued Notes amidst restructuring of its maturity debt structure
Atlantic Grupa’s average market capitalization in 2011: HRK 2.2m – second place based on average Mcap among components of local blue-chip index Crobex10
Atlantic Grupa’s share retained total turnover and average daily turnover on the 2010 levels

9. CONTENT
KEY BUSINESS DEVELOPMENTS in 2011 and ANNOUNCEMENT of EVENTS in FY12
FINANCIAL RESULTS in 2011
FY12 GUIDANCE
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10. OWERVIEW of FY11 RESULTS Sales at 4,727.8 million kuna
% yoy based on reported figures
+ 1.2% yoy organic growth
+ 4.8% yoy growth compared to pro-forma consolidated level in the same period last year
Normalized earnings before interests, taxes and depreciation (EBITDA) at million kuna
% yoy based on reported figures
- 1.7 yoy growth compared to pro-forma consolidated level in the same period last year
Normalized earnings before interests and taxes (EBIT) at million kuna
% yoy based on reported figures
+ 12.1% yoy growth compared to pro-forma consolidated level in the same period last year
Net profit after minorities at 46.6 million kuna
* Normalised net profit after minorities at 19.7 million kuna

11. RESULTS IN LINE WITH GUIDANCE
HRKm
101.7%
98.2%
96.9%
2011 result normalized

12. OVERVIEW OF ONE-OFF ITEMS in 2010/2011
Sale of Neva’s former location in Tuškanova
* One of gain in the amount of 48.6 million kuna
Acquisition of Droga Kolinska
* Transaction costs in the amount of 52.2 million kuna
* Positive financial impact of 16.9 million kuna (income on deposits from capital increase funds and positive exchange rate differences)
Acquisition of the company Kalničke vode Bio Natura
* Badwill in the amount of 5.1 million kuna
2011
Sale of non-core assets – 13% stake in the company RTL Hrvatska
* One-off gain in the amount of 12.0 million kuna
Acquisition of Droga Kolinska
Transaction costs in the amount of 5.8 million kuna
Purchase price allocation
* One-off impact on increase in inventories in the amount of 22.8 million kuna
* One-off impact on depreciation of tangible assets and amortization of intangible assets in the amount of 42.3 million kuna. Depreciation and amortization effect is one-off compared to 2010, but, lower depreciation and amortization will remain in 2012 and onwards
* One-off impact on increase in financial borrowings in the amount of 1.2 million kuna

13. SALES in 2011 * Sales growth: +108.4% Growth generators:
HRKm
* Sales growth: %
Growth generators:
(i) Acquisition of Droga Kolinska
(ii) Organic growth of Atlantic Grupa
* Sales growth: + 4.8% comparing to pro-forma consolidated sales in 2010
Growth generators:
(i) Growth on regional markets after acquisition of Droga Kolinska
(ii) Growth in coffee, sweet and salted snacks and baby food segments
(iii) Growth in Sports and Functional Food and Pharma divisions
* Sales growth : +1.2% without Droga Kolinska effect
Growth generators:
(i) Growth of own brands within Sports and Functional Food division
(ii) Sales growth of private label
(iii) Newly opened pharmacies and specialized stores
(iv) Final consolidation of acquired pharmacy chain Dvoržak

14. GEOGRAPHIC SALES PROFILE
Croatian market remained the largest selling market after acquisition of Droga Kolinska with 28.2% share of total sales, however the acquisition itself significantly reduced exposure to domestic market from 55.1% in 2010
Regional markets (without Croatia) have 52.0% share of total sales compared to 18.9% in 2010
Share of West European markets fell to 7.5% from 14.9% in 2010, as sales of acquired Droga Kolinska are mostly focused on regional markets and to smaller extent on Russian market
East European markets have 3.0% share of sales compared to 1.8% in 2010, due to Droga Kolinska’s presences on those markets
*Other ex. YU: Macedonia, Monte Negro, Kosovo **Key WEU: Germany, Italy, UK

15. SALES on KEY MARKETS – CROATIA
-3,3% compared to 2010 pro-forma consolidated results
-3,9% on organic level (without Droga Kolinska)
Two key factors affected sales on Croatian market:
Renewal of contracts with key customers due to integration of Droga Kolinska’s product portfolio during 2011
Continuation of negative trends in Croatian economy
Sales decline on the pro-forma consolidated level was partially cushioned by following:
Increase in coffee and salted snacks category as well as mild increase in savoury spreads and beverages categories of Droga Kolinska
Growth of some principal brands
Growth in Pharma division

16. SALES on KEY MARKETS – SERBIA, SLOVENIA AND BOSNIA AND HERZEGOVINA
Serbian Market
+ 12.7% growth compared to pro-forma consolidated sales in 2010
-10.7% on organic level (without Droga Kolinska)
The second largest market in Atlantic Grupa with 25.5% share of total sales
Slovenian market
+3.5% growth compared to pro-forma consolidated sales in 2010
+2.5% on organic level (without Droga Kolinska)
The third largest market in Atlantic Grupa with 12.7% share of total sales
Growth: coffee, salted snacks, Cedevita and some principal brands
B&H market
-9.3% drop compared to pro-forma consolidated sales in 2010
-2.5% on organic level (without Droga Kolinska)
The third largest market in Atlantic Grupa with 7.6% share of total sales

17. SALES on KEY MARKETS – WEST EUROPEAN MARKETS AND RUSSIA
+1.1% growth compared to pro-forma consolidated sales in 2010
+5.2% on organic level (without Droga Kolinska)
Three key factors buoyed sales growth in this geographic region
Double-digit growth in the sports food brand Champ and the functional food brand Multaben
Double-digit growth in private label sales
Further expansion of mass market outside the specialized sports channel.
Russian and East European markets
-20.0% compared to pro-forma consolidated sales in 2010
Decline mainly reflected lower sales of Multivita assortment, whereby growth in baby food assortment with brand Bebi was insufficient to annul decline in the former

18. SALES by PRODUCT TYPE Own brands
+6.4% compared to pro-forma consolidated sales in 2010
+1.8% on organic level (without Droga Kolinska)
Principal brands
-9.7% yoy
Share decrease due to conolidation of Droga Kolinske
Private label
+31.8% yoy
Farmacia
+15.6% yoy
+9.8% on organic level (excluding acquired chain Dvoržak)

19. KEY BRANDS in 2011 The following brands achieved growth:
Coffee – Grand Kafa 12.3% i Barcaffe 9.7%
Sweet and salted snack – Najlepše želje 11.6% andSmoki 5.5%
Baby food – Bebi 11.7%
Sports and functional food – Champ and Multaben
Following brands posted yoy lower sales:
Beverages – Cedevita and Cockta
Savoury spreads - Argeta

20. GROSS SALES by DIVISION
HRKm
+ 1.2% yoy organic growth
+ 4.8% compared to pro-forma consolidated sales in 2010
Distribution : % , -6.4% organic
Consolidated distribution of Atlantic Grupa and Droga Kolinska, renewed contracts with key customers
Unfavourable macroeconomic environment decreased consumption
Portfolio rationalization
Consumer HealthCare: -6.4%
Unfavourable macroeconomic situation
Consolidation of distribution activities of Atlantic Grupa and Droga Kolinska affected this division’s sales
Sports and Functional Food: +16.3%
Growth of brands Champ and Multaben as well as private label
Upward trend in mass market and online sales
Pharma: +12.5%
Pharmacy chain sales growth, opening of 4 new sales locations, consolidation of Dvoržak pharmacy chain
Fidifarm sales growth
Droga Kolinska: +0.2%
Growth of product categories: coffee, sweet and salted snacks and baby food

21. SALES by CATEGORIES
Indicative overview of sales by categories (according to the new business model) in 2011 reflect the following:
Product category – coffee – with brands Grand Kafa i Barcaffe is the largest individual product category with 21% share in total sales
Product category – beverages – with key brands Cedevita, Cockta, Donat Mg is the second largest product category with 14% share in total sales
Product category – sports and functional foods – with key brands Multipower and Champ is the third largest product category with 14% share in total sales
Distribution which includes principal brands has 17% share in total sales

22. PROFITABILITY DYNAMICS
HRKm
Two-fold higher profitability on EBITDA and EBIT levels compared to 2010 primarily reflected consolidation of Droga Kolinska
Decline in EBITDA compared to pro-forma consolidated 2010 largely reflected 20.7% yoy higher production materials costs
Normalised EBIT reflected the impact of finalised PPA process for Droga Kolinska on tangible assets depreciation and intangible assets amortization
2011 vs vs pro-forma
Normalised EBITDA % %
Normalised EBIT % %
Normalised Net profit % %

23. PROFITABILITY DYNAMICS – Impact of surging prices on global commodity markets
On the pro-forma consolidated level, production materials costs surged 21% yoy
Soaring production materials costs came on the back of:
* Growth in coffee, sugar, milk powder and others largely on the back of surging prices on the global commodity markets as well as packaging materials costs
* Coffee rocketed 55% on average on global commodity markets (expressed through coffee “C” futures contract as the world benchmark for Arabica coffee) compared to 2010
Left graph - coffee price movements during 2010 and 2011– maximum at the beginning of May 2011
Right graph: beginning of May 2011 the highest coffee price since the end of 1997
In the following period:
*The fundamentals indicate upward pressure on global coffee prices largely amidst historically low global coffee inventories and downtrend in inventories in weeks of consumption
* But, excess of global supply should cushion uptrend in 2012

24. Other assets and liabilities
PURCHASE PRICE ALLOCATION for DROGA KOLINSKA
Summary
Pursuant to the International Financial Reporting Standards (IFRS 3), Atlantic Grupa was obliged to allocate the purchase price of EUR 243,109 ths paid for Droga Kolinska’s assets acquired, within a year from the transaction. For that purpose, Atlantic Grupa engaged the independent appraiser.
Intangible assets
Fair value of trademarks on 31 December 2010 is HRK 764.8m and has been increased by HRK 206.3m from their book value
Valuation based on income approach, i.e. Relief-from-Royalty method
Indefinite useful life: brands will not be amortised but tested annually for impairment
Tangible assets
On 31 December 2010, fair value of tangible assets has been estimated at HRK 73.6m above its book value
Applied market-based approach and cost-based approach to value tangible assets
Other assets and liabilities
On 31 December 2010, fair value of inventories has been estimated at HRK 22.6m above its book value
On 31 December 2010, fair value of financial borrowings has been estimated at HRK 1.2m above its book value
Residual goodwill
Goodwill of HRK 571.5m has been calculated
Allocated to the following operating segments (CGUs): coffee, savoury spreads, snacks and confectionary, beverages, baby food and distribution

25. DIVISIONAL OPERATING PROFITABILITY
HRKm
Distribution
+114.3% amidst
Integration of Droga Kolinska and Atlantic Grupa’s portfolio
Consumer HealthCare
-32.0% amidst:
Lower sales
Higher production materials costs
Sports and Functional Food
-52.3% amidst
Front-loaded investments in new company in Spain
Higher production materials and marketing and selling costs
Higher service costs
Pharma
-5.2% amidst:
Stronger growth in operating costs base, primarily service costs, staff costs and costs of goods sold

26. FINANCIAL INDICATORS Leverage indicators:
Net debt-to-normalized EBITDA at 4.8 times
Interest covered with normalized EBITDA at 2.3 times
Gearing ratio (net debt-to-net debt and total equity) at 62.3%
In accordance with the Policy of active financial debt management, Atlantic Grupa fixed substantial portion of its long- term financial liabilities with interest rate swaps in the 1Q11
In 2011, Atlantic Grupa refinanced corporate bond in the nominal amount of HRK 115m maturing in 2016
Require: prudent debt management and delivery of synergies

27. CONTENT
KEY BUSINESS DEVELOPMENTS in 2011 and ANNOUNCEMENT of EVENTS in FY12
FINANCIAL RESULTS in 2011
FY12 GUIDANCE
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28. Strategic management guidance
FY12 GUIDANCE (I)
Strategic management guidance
Further delivery of planned synergy potentials both on sales and costs side following finalisation of the first integration phase of Atlantic Grupa and Droga Kolinska;
Focus on execution of the second integration phase (consolidation of production facilities, information technology consolidation, real estate portfolio management) as the basis for further improvement of operating efficiency;
Further focus on organic growth through innovations in product categories and active brand management (new flavours, modernized packaging, product line extensions), strengthening the regional character of distribution business and further development of certain distribution channels as HoReCa segment;
Meeting financial commitments on regularly basis coupled with active debt and financial cost management;
Cost management through the CORE program and optimisation of operating processes on both centralised and lower levels, aiming to improve operating efficiency;
Prudent liquidity management;
Continuous analysis of global commodity markets with particular focus on coffee, sugar, cocoa and milk powder as well as more active application of hedging instruments;
More focused development of risk management on all levels in the company.

29. FY12 GUIDANCE (II)
* In 2011, EBIT was calculated on normalised EBITDA level, however depreciation and amortization expenses have not been normalized for the PPA impact in order to make it more comparable to 2012 guidance.

30. Appendix

31. FY11 CONSOLIDATED INCOME STATEMENT (AUDITED)

32. FY11 NORMALIZED CONSOLIDATED INCOME STATEMENT (AUDITED)

33. BUSINESS SEGMENTS

34. BALANCE SHEET as of 31 December 2011 (AUDITED)

35. FY11 CONSOLIDATED CASH FLOW STATEMENT (AUDITED)
Net cash from operating activities amounted to HRK 165.1m in FY11 and HRK 101.5m in FY10, once transaction costs excluded

36. Thank you for your attention!
Q & A
Thank you for your attention!